Freddie Mac has priced a new offering of structured pass-through certificates (K certificates), which includes a class of floating rate bonds indexed to the secured overnight financing rate (SOFR). The approximately $779 million in K certificates (K-F121 certificates) are expected to settle on or about September 23, 2021. The K-F121 certificates are backed by floating-rate multifamily mortgages with 7-year terms, which are SOFR-based. The K-F121 certificates will not be rated and will include one senior principal and interest class and one interest-only class that is also entitled to static prepayment premiums. The K-F121 certificates are backed by corresponding classes issued by the FREMF 2021-KF121 Mortgage Trust (KF121 Trust) and guaranteed by the company. The KF121 Trust will also issue certificates consisting of the Class CS and R certificates, which will be subordinate to the classes backing the K-F121 certificates and will not be guaranteed by the company.