Freddie Mac Reports Net Income of $2.7 Billion for Fourth Quarter 2021

and $12.1 Billion for Full-Year 2021

Making Home Possible for Nearly Five Million Households in 2021

• Enabled 1.4 million families, including over 553,000 first-time homebuyers, to purchase a home and nearly 2.9 million

homeowners to refinance into more favorable terms

• Financed 655,000 rental units, with 94% of eligible units being affordable to low- to moderate-income families

Fourth Quarter 2021 Financial Results 

Market Liquidity 

Provided -

$298 Billion

Homes and Rental Units 

Financed -

1.2 Million

Net Worth -

$28.0 Billion

Total Mortgage

 Portfolio -

$3.2 Trillion

Consolidated • Net income of $2.7 billion, a decrease of 6% year-over-year, as 

higher net revenues were offset by an increase in credit-related 

expense

• Net revenues of $5.6 billion, an increase of 11% year-over-year, 

driven by mortgage portfolio growth and higher average portfolio 

guarantee fee rates 

• Provision for credit losses of $0.1 billion, compared to a benefit for 

credit losses of $0.8 billion in the fourth quarter of 2020. The benefit 

for credit losses in the prior year was driven by a reserve release 

due to realized house price appreciation

• New business activity of $271 billion, down 29% year-over-year, as 

refinance activity moderated from historically high levels in the prior 

year. Full-year 2021 activity of $1.2 trillion, up 12% year-over-year

• Mortgage portfolio of $2,792 billion, up 20% year-over-year, driven 

by strong full-year new business activity and continued house price 

appreciation

• Serious delinquency rate of 1.12%, down from 1.46% at September 

30, 2021 and 2.64% at December 31, 2020, driven by a decline in 

loans in forbearance

• Completed approximately 62,000 loan workouts

• 53% of mortgage portfolio covered by credit enhancements

• New business activity of $25 billion, down 29% year-over-year. 

Full-year 2021 activity of $70 billion, down 16% year-over-year, 

driven by a reduced loan purchase cap

• Mortgage portfolio of $415 billion, up 7% year-over-year, driven by 

ongoing loan purchase and securitization activity

• Delinquency rate, which does not include loans in forbearance, of 

0.08%, down from 0.12% at September 30, 2021 and 0.16% at 

December 31, 2020 

• 94% of mortgage portfolio covered by credit enhancements

“In 2021, Freddie Mac 

made significant progress 

responsibly advancing 

our mission of making 

home possible, helping 

nearly five million families 

rent, buy, or refinance a 

home. The company 

continued to build 

financial strength by 

adding nearly $12 billion

to retained earnings, 

improving our safety and 

soundness, and moving 

us closer to our capital 

target. We accomplished 

this while effectively 

managing our risks, 

which allows us to 

support our mission 

through the economic 

cycle and particularly in 

times of crisis. We begin 

2022 with much to be 

proud of—and even more 

to accomplish in the year 

ahead.”

Michael J. DeVito

Chief Executive Officer

Net Revenues 

$5.6 Billion

Net Income

$2.7 Billion

Comprehensive 

Income 

$2.7 Billion

Single-Family

Net Revenues 

$4.7 Billion

Net Income 

$2.2 Billion

Comprehensive 

Income

$2.2 Billion

Multifamily

Net Revenues 

$0.9 Billion

Net Income 

$0.5 Billion

Comprehensive 

Income

$0.5 Billion
McLean, VA — Freddie Mac (OTCQB: FMCC) today reported net income of $2.7 billion for the fourth quarter of 

2021, a decrease of 6% year-over-year, as higher net revenues were offset by an increase in credit-related 

expense. The company reported comprehensive income of $2.7 billion for the fourth quarter of 2021, an increase 

of 8% year-over-year.

Net revenues for the fourth quarter of 2021 increased 11% year-over-year to $5.6 billion, primarily driven by higher 

net interest income. Net interest income for the fourth quarter of 2021 increased 30% year-over-year to 

$4.8 billion, primarily driven by continued mortgage portfolio growth and higher average portfolio guarantee fee 

rates in Single-Family.

Credit-related expense for the fourth quarter of 2021 was $0.6 billion, compared to credit-related income of $0.1 

billion in the fourth quarter of 2020. Credit-related expense for the fourth quarter of 2021 included a provision for 

credit losses of $0.1 billion. Credit-related income for the fourth quarter of 2020 included a benefit for credit losses 

of $0.8 billion, which was primarily driven by a reserve release due to realized house price appreciation.

Full-Year 2021 Financial Results

Freddie Mac reported net income of $12.1 billion for full-year 2021, an increase of 65% year-over-year, primarily 

driven by higher net revenues and a credit reserve release in Single-Family. The company reported comprehensive 

income of $11.6 billion for full-year 2021, an increase of 54% year-over-year.

Net revenues for full-year 2021 increased 32% year-over-year to $22.0 billion, primarily driven by higher net 

interest income and higher net investment gains. Net interest income for full-year 2021 increased 38% year-overyear to $17.6 billion, primarily driven by continued mortgage portfolio growth, higher average portfolio guarantee 

fee rates, and higher deferred fee income recognition in Single-Family. The increase in net investment gains for 

full-year 2021 was primarily due to higher gains on Multifamily securitization activities.

Credit-related expense for full-year 2021 decreased 56% year-over-year to $1.0 billion, driven by a reserve release 

due to realized house price appreciation and improving economic conditions throughout 2021, partially offset by a 

decrease in credit enhancement recoveries. Credit-related expense for full-year 2020 was primarily driven by the 

negative economic effects of the COVID-19 pandemic.

Freddie Mac Fourth Quarter and Full-Year 2021 Financial Results 

February 10, 2022 

Page 2 
Summary of Consolidated Statements of Comprehensive Income (Loss) 

(Dollars in millions) 4Q 2021 3Q 2021 Change 4Q 2020 Change 2021 2020

Net interest income $4,756 $4,418 $338 $3,653 $1,103 $17,580 $12,771

Guarantee income 182 246 (64) 281 (99) 1,032 1,442 

Investment gains (losses), net 519 383 136 856 (337) 2,746 1,813 

Other income (loss) 108 200 (92) 232 (124) 593 633 

Net revenues 5,565 5,247 318 5,022 543 21,951 16,659 

Benefit (provision) for credit losses (138) 243 (381) 813 (951) 1,041 (1,452) 

Other credit-related expense(1) (466) (437) (29) (722) 256 (2,072) (884)

Credit-related income (expense) (604) (194) (410) 91 (695) (1,031) (2,336)

Administrative expense (734) (627) (107) (706) (28) (2,651) (2,535) 

Legislated 10 basis point fee expense (636) (602) (34) (495) (141) (2,342) (1,836) 

Other expense (156) (178) 22 (243) 87 (728) (723) 

Operating expense (1,526) (1,407) (119) (1,444) (82) (5,721) (5,094) 

Income (loss) before income tax (expense) 

benefit 3,435 3,646 (211) 3,669 (234) 15,199 9,229 

Income tax (expense) benefit (691) (727) 36 (756) 65 (3,090) (1,903) 

Net income (loss) 2,744 2,919 (175) 2,913 (169) 12,109 7,326

Other comprehensive income (loss), net of 

taxes and reclassification adjustments (22) (10) (12) (391) 369 (489) 205 

Comprehensive income (loss) $2,722 $2,909 $(187) $2,522 $200 $11,620 $7,531

(1) Other credit-related expense includes credit enhancement expense, benefit for (decrease in) credit enhancement recoveries, and REO 

operations income (expense).

Conservatorship metrics 

(in billions)

Net worth $28.0 $25.3 $2.7 $16.4 $11.6 $28.0 $16.4

Senior preferred stock liquidation preference 98.0 95.0 2.9 86.5 11.4 98.0 86.5

Remaining Treasury funding commitment 140.2 140.2 — 140.2 — 140.2 140.2

Cumulative dividend payments to Treasury 119.7 119.7 — 119.7 — 119.7 119.7

Cumulative draws from Treasury 71.6 71.6 — 71.6 — 71.6 71.6

Totals may not add due to rounding.

Freddie Mac Fourth Quarter and Full-Year 2021 Financial Results 

February 10, 2022 

Page 3 
Single-Family Segment

Financial Results

Net Revenues

(In millions)

$3,409

$3,849

$4,715

$3,961

$4,702

4Q20 1Q21 2Q21 3Q21 4Q21

Net Income

(In millions)

$1,747 $1,738

$2,855

$2,028 $2,199

4Q20 1Q21 2Q21 3Q21 4Q21

Comprehensive Income

(In millions)

$1,373 $1,410

$2,781

$2,046 $2,204

4Q20 1Q21 2Q21 3Q21 4Q21

(Dollars in millions) 4Q 2021 3Q 2021 Change 4Q 2020 Change 2021 2020

Net interest income $4,425 $4,080 $345 $3,349 $1,076 $16,273 $11,592

Non-interest income 277 (119) 396 60 217 954 457

Net revenues 4,702 3,961 741 3,409 1,293 17,227 12,049

Credit-related income (expense) (605) (177) (428) 80 (685) (1,086) (2,200)

Operating expense (1,343) (1,251) (92) (1,288) (55) (5,070) (4,543)

Income (loss) before income tax (expense) 

benefit 2,754 2,533 221 2,201 553 11,071 5,306

Income tax (expense) benefit (555) (505) (50) (454) (101) (2,251) (1,094)

Net income (loss) 2,199 2,028 171 1,747 452 8,820 4,212

Total other comprehensive income (loss), net of 

taxes and reclassification adjustments 5 18 (13) (374) 379 (379) 104

Comprehensive income (loss) $2,204 $2,046 $158 $1,373 $831 $8,441 $4,316

Fourth Quarter 2021 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, partially offset by

• Credit-related expense compared to credit-related income in the fourth quarter of 2020. Credit-related income 

in the fourth quarter of 2020 was primarily driven by a reserve release due to realized house price appreciation.

Full-Year 2021 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, higher average portfolio 

guarantee fee rates, and higher deferred fee income recognition.

• Lower credit-related expense driven by a reserve release due to realized house price appreciation and 

improving economic conditions throughout 2021, partially offset by a decrease in credit enhancement 

recoveries. Credit-related expense in full-year 2020 was primarily driven by the negative economic effects of 

the COVID-19 pandemic.

Freddie Mac Fourth Quarter and Full-Year 2021 Financial Results 

February 10, 2022 

Page 4 
Single-Family Segment

Business Results

New Business Activity

(UPB in billions)

$383 $362

$288 $299 $271

$109 $89 $98

$132 $111

$274 $273 $190 $167 $160

Home purchase Refinance

4Q20 1Q21 2Q21 3Q21 4Q21

Mortgage Portfolio

(UPB in billions)

$2,326

$2,458

$2,564

$2,682

$2,792

4Q20 1Q21 2Q21 3Q21 4Q21

Serious Delinquency Rate

2.64%

2.34%

1.86%

1.46%

1.12%

4Q20 1Q21 2Q21 3Q21 4Q21

4Q 2021 3Q 2021 Change 4Q 2020 Change 2021 2020

New Business Statistics:

Average guarantee fee rate charged (bps) 47 48 (1) 47 — 49 47

Weighted average original loan-to-value (LTV) (%) 71 72 (1) 70 1 71 71 

Weighted average original credit score 748 750 (2) 761 (13) 753 759

First-time homebuyers (%)(1) 46 46 — 45 1 46 46 

Single-Family homes funded (in thousands) 955 1,027 (72) 1,292 (337) 4,236 3,798

Purchase borrowers (in thousands) 357 415 (58) 356 1 1,378 1,131

Refinance borrowers (in thousands) 598 612 (14) 936 (338) 2,858 2,667

UPB covered by new CRT issuance (in billions) $242 $167 $75 $167 $75 $828 $477

Portfolio Statistics:

Average guarantee fee rate charged (bps) 46 46 — 44 2 46 44

Weighted average current LTV (%) 55 55 — 58 (3) 55 58 

Weighted average current credit score 756 756 — 754 2 756 754

Loan count (in millions) 13.1 12.8 0.3 12.0 1.1 13.1 12.0

Credit-Related Statistics:

Loan workout activity (in thousands) 62 73 (11) 133 (71) 317 426

Loans in forbearance, based on loan count (%) 0.57 1.15 (0.58) 2.70 (2.13) 0.57 2.70 

Credit enhancement coverage (%) 53 50 3 50 3 53 50 

(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 loans, nearly 598,000 of which were 

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

• Single-Family loan workout activity decreased to 62,000 from 133,000 in the fourth quarter of 2020, as the 

demand for pandemic-related borrower assistance declined throughout 2021.

• 0.57% of loans in the Single-Family mortgage portfolio, based on loan count, were in forbearance as of 

December 31, 2021, down from 2.70% in the fourth quarter of 2020. More than 858,000 forbearance plans 

have been initiated to help borrowers since January 1, 2020. As of December 31, 2021, approximately 791,000 

of these loans have exited forbearance, including 330,000 through reinstatement or payoff and 374,000 

through payment deferral.

• Credit enhancement coverage of the Single-Family mortgage portfolio increased to 53% from 50% in the 

fourth quarter of 2020, primarily due to the new business activity included in credit risk transfer (CRT) 

transactions.

Freddie Mac Fourth Quarter and Full-Year 2021 Financial Results 

February 10, 2022 

Page 5 
Multifamily Segment

Financial Results 

Net Revenues

(In millions)

$1,613

$1,424

$1,151

$1,286

$863

4Q20 1Q21 2Q21 3Q21 4Q21

Net Income

(In millions)

$1,166 $1,029

$824 $891

$545

4Q20 1Q21 2Q21 3Q21 4Q21

Comprehensive Income

(In millions)

$1,149

$968 $830 $863

$518

4Q20 1Q21 2Q21 3Q21 4Q21

 

(Dollars in millions) 4Q 2021 3Q 2021 Change 4Q 2020 Change 2021 2020

Net interest income $331 $338 $(7) $304 $27 $1,307 $1,179

Guarantee income 147 266 (119) 251 (104) 918 1,330

Investment gains (losses), net 348 630 (282) 1,013 (665) 2,385 1,925

Other income (loss) 37 52 (15) 45 (8) 114 176

Net revenues 863 1,286 (423) 1,613 (750) 4,724 4,610

Credit-related income (expense) 1 (17) 18 11 (10) 55 (136)

Operating expense (183) (156) (27) (156) (27) (651) (551)

Income (loss) before income tax (expense) 

benefit 681 1,113 (432) 1,468 (787) 4,128 3,923

Income tax (expense) benefit (136) (222) 86 (302) 166 (839) (809)

Net income (loss) 545 891 (346) 1,166 (621) 3,289 3,114

Total other comprehensive income (loss), net of 

taxes and reclassification adjustments (27) (28) 1 (17) (10) (110) 101

Comprehensive income (loss) $518 $863 $(345) $1,149 $(631) $3,179 $3,215

Fourth Quarter 2021 Key Drivers

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

• Lower guarantee income as continued growth in the Multifamily guarantee portfolio was offset by the impacts 

of adverse spread changes and loan prepayment activity on the fair values of guarantee assets.

• Lower net investment gains due to spread widening and a smaller volume of loan purchase and securitization 

activity. 

Full-Year 2021 Key Drivers

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

• Lower guarantee income as continued growth in the Multifamily guarantee portfolio was offset by the impacts 

of higher interest rates on the fair values of guarantee assets. 

• Higher net investment gains primarily due to higher pricing margins for new loan purchases and greater spread 

tightening, partially offset by a smaller volume of new loan purchases as a result of a reduced Multifamily loan 

purchase cap in 2021.

Freddie Mac Fourth Quarter and Full-Year 2021 Financial Results 

February 10, 2022 

Page 6 
Multifamily Segment

Business Results

New Business Activity

(UPB in billions)

$35

$14 $13

$18

$25

4Q20 1Q21 2Q21 3Q21 4Q21

Mortgage Portfolio 

(UPB in billions)

$388 $394 $398 $404 $415

4Q20 1Q21 2Q21 3Q21 4Q21

Delinquency Rate

0.16% 0.17%

0.15%

0.12%

0.08%

4Q20 1Q21 2Q21 3Q21 4Q21

4Q 2021 3Q 2021 Change 4Q 2020 Change 2021 2020

New Business Statistics:

Weighted average original LTV (%) 67 67 — 70 (3) 68 69 

Weighted average original debt service coverage 

ratio 1.33 1.35 (0.02) 1.38 (0.05) 1.35 1.40

Number of rental units financed (in thousands) 223 161 62 306 (83) 655 803

Affordable ≤ 80% of AMI (% of eligible units 

acquired) 57 68 (11) 71 (14) 69 71 

Affordable ≤ 120% of AMI (% of eligible units 

acquired) 91 94 (3) 96 (5) 94 95 

UPB covered by new CRT issuance (in billions) $23 $18 $5 $26 $(3) $84 $70

Portfolio Statistics:

Average guarantee fee rate charged (bps) 42 42 — 39 3 42 39

Unit count (in thousands) 4,652 4,624 28 4,598 54 4,652 4,598

Credit-Related Statistics:

Loans in forbearance, based on UPB (%) 0.42 0.46 (0.04) 2.01 (1.59) 0.42 2.01 

Credit enhancement coverage (%) 94 94 — 89 5 94 89 

Business Highlights

• The company provided financing for 223,000 multifamily rental units. 57% of eligible multifamily rental units 

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

• As of December 31, 2021, 0.42% of Multifamily mortgage portfolio loans, based on UPB, were in a COVID-19 

forbearance program. 68.7% of these loans were included in securitizations with credit enhancement provided 

by subordination.

• Credit enhancement coverage of the Multifamily mortgage portfolio increased to 94% from 89% in the fourth 

quarter of 2020.

Freddie Mac Fourth Quarter and Full-Year 2021 Financial Results 

February 10, 2022 

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, 2021. 

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 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 $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, 

and will increase to $100.7 billion on March 31, 2022 based on the $2.7 billion increase in the Net Worth Amount 

during the fourth 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 Annual Report on Form 10-K for the year ended December 31, 2021 and the 

company’s Fourth 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 February 10, 2022, 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/995zhgex. 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, 2021, 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 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 Fourth Quarter and Full-Year 2021 Financial Results 

February 10, 2022 

Page 8 
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 2021 Financial Results 

February 10, 2022 

Page 9 
FREDDIE MAC

Consolidated Statements of Comprehensive Income (Loss) 

(In millions, except share-related amounts) 4Q 2021 3Q 2021 4Q 2020 2021 2020

Net interest income

Interest income $16,604 $15,791 $14,183 $61,527 $62,340

Interest expense (11,848) (11,373) (10,530) (43,947) (49,569) 

Net interest income 4,756 4,418 3,653 17,580 12,771 

Non-interest income (loss)

Guarantee income 182 246 281 1,032 1,442 

Investment gains (losses), net 519 383 856 2,746 1,813 

Other income (loss) 108 200 232 593 633 

Non-interest income (loss) 809 829 1,369 4,371 3,888 

Net revenues 5,565 5,247 5,022 21,951 16,659 

Benefit (provision) for credit losses (138) 243 813 1,041 (1,452) 

Non-interest expense

Salaries and employee benefits (356) (352) (342) (1,398) (1,344) 

Other administrative expense (378) (275) (364) (1,253) (1,191) 

Total administrative expense (734) (627) (706) (2,651) (2,535) 

Credit enhancement expense (428) (386) (327) (1,518) (1,058) 

Benefit for (decrease in) credit enhancement 

recoveries (32) (60) (385) (542) 323 

REO operations income (expense) (6) 9 (10) (12) (149) 

Legislated 10 basis point fee expense (636) (602) (495) (2,342) (1,836) 

Other expense (156) (178) (243) (728) (723) 

Non-interest expense (1,992) (1,844) (2,166) (7,793) (5,978) 

Income (loss) before income tax (expense) benefit 3,435 3,646 3,669 15,199 9,229 

Income tax (expense) benefit (691) (727) (756) (3,090) (1,903) 

Net income (loss) 2,744 2,919 2,913 12,109 7,326 

Other comprehensive income (loss), net of taxes and 

reclassification adjustments (22) (10) (391) (489) 205 

Comprehensive income (loss) $2,722 $2,909 $2,522 $11,620 $7,531

Net income (loss) $2,744 $2,919 $2,913 $12,109 $7,326

Future increase in senior preferred stock liquidation 

preference (2,722) (2,909) (2,522) (11,620) (7,291)

Net income (loss) attributable to common 

stockholders $22 $10 $391 $489 $35

Net income (loss) per common share $0.01 $0.00 $0.12 $0.15 $0.01

Weighted average common shares outstanding (in 

millions) 3,234 3,234 3,234 3,234 3,234 

Freddie Mac Fourth Quarter and Full-Year 2021 Financial Results 

February 10, 2022 

Page 10 
FREDDIE MAC 

Consolidated Balance Sheets 

December 31, December 31,

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

Assets

Cash and cash equivalents (includes $1,695 and $17,379 of restricted cash and cash 

equivalents) $10,150 $23,889

Securities purchased under agreements to resell 71,203 105,003 

Investment securities, at fair value 53,015 59,825 

Mortgage loans held-for-sale (includes $10,498 and $14,199 at fair value) 19,778 33,652 

Mortgage loans held-for-investment (net of allowance for credit losses of $4,947 and $5,732) 2,828,331 2,350,236 

Accrued interest receivable 7,474 7,754 

Deferred tax assets, net 6,214 6,557 

Other assets (includes $6,594 and $6,980 at fair value) 29,421 40,499 

Total assets $3,025,586 $2,627,415

Liabilities and equity

Liabilities

Accrued interest payable $6,268 $6,210

Debt (includes $2,478 and $2,592 at fair value) 2,980,185 2,592,546 

Other liabilities (includes $287 and $958 at fair value) 11,100 12,246 

Total liabilities 2,997,553 2,611,002 

Commitments and contingencies

Equity

Senior preferred stock (liquidation preference of $97,959 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) (54,993) (67,102) 

AOCI, net of taxes, related to:

Available-for-sale securities 297 810 

Other (143) (167) 

Total AOCI, net of taxes 154 643 

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

Total equity 28,033 16,413 

Total liabilities and equity $3,025,586 $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 consolidated balance sheets.

December 31, December 31,

(In millions) 2021 2020

Consolidated Balance Sheet Line Item

Assets:

Mortgage loans held-for-investment $2,784,626 $2,273,347

All other assets 54,300 83,982 

Total assets of consolidated VIEs $2,838,926 $2,357,329

Liabilities:

Debt $2,803,054 $2,308,176

All other liabilities 5,823 5,610 

Total liabilities of consolidated VIEs $2,808,877 $2,313,786

Freddie Mac Fourth Quarter and Full-Year 2021 Financial Results 

February 10, 2022 

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