Freddie Mac : Financial Results Supplement, 4/29/21

First Quarter 2021 Financial Results Supplement

April 29, 2021

Financial Highlights

Net Revenues, Net Income, and Comprehensive Income

$ Billions

						$5.1				$5.0		$5.3
	$4.1
$2.4						$2.5	$2.4	$2.9		$2.8
				$1.9	$2.5	$2.4
	$1.8
$0.2	$0.6
1Q20			2Q20			3Q20				4Q20	1Q21
				Net revenues		Net income				Comprehensive income

• Net income of $2.8 billion and comprehensive income of $2.4 billion for the first quarter of 2021, an increase of $2.6 billion and $1.8 billion year-over-year, respectively, driven by mortgage portfolio growth, higher deferred fee income recognition, higher revenues from Multifamily loan purchase and securitization activities, and lower credit- related expense
• Net revenues increased 118% year-over-year to $5.3 billion, primarily from higher net interest income and higher net investment gains

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Total Portfolio Balances

Total mortgage portfolio1		21% YoY	▪	Portfolio balance highlights
$ Billions				increase	Total mortgage portfolio:
		$2,545	$2,714	$2,852
	$2,415
$2,362	$394		• Single-Family - grew $438 billion, or 22%, year-over-
$388
$366
$354
$342				year
				$2,458		• Multifamily - grew $52 billion, or 15%, year-over-year
$2,020	$2,061	$2,179	$2,326	▪
	Total investments portfolio:
03/31/20	06/30/20	09/30/20	12/31/20	03/31/21		• Mortgage-related investments portfolio - decreased
	$37 billion, or 18%, year-over-year
	Single-Family mortgage portfolio			• Other investments portfolio - increased $42 billion, or
			34%, year-over-year
	Multifamily mortgage portfolio

Total investments portfolio	Total debt outstanding5	Purchase Agreement
$ Billions		Debt Cap $300B

								1% YoY
								increase
$334	$349	$345	$345	$339
$123		$155		$147		$163		$165

FHFA

$211 $194 $198 $182 $174 Limit

$225B*

03/31/20 06/30/20 09/30/20 12/31/20 03/31/21

2.4	2.5	3.4	3.6	3.5
$288	$289	$287	$287	$263
25%	25%	8%	4%	5%
41%	43%	43%
30%	30%
45%	45%	51%	52%	52%
03/31/20	06/30/20	09/30/20	12/31/20	03/31/21

		2,3
		Mortgage-related investments portfolio				Non-callable debt		Callable debt
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		Other investments portfolio				Discount Notes and other		Weighted average maturity in years

Note: Totals may not add due to rounding.

*In February 2019, FHFA directed the company to maintain the mortgage-related investments portfolio at or below $225 billion at all times.

Percentage of Loans in Forbearance

Single-Family6

Multifamily7

					2.19%
							1.82%	1.88%
				1.21%
0.32%			0.41%
	0.13%	0.12%				0.06%
Current	One	Two	Three	Greater	Total	Forbearance Period	Repayment Period	Total
	Month	Months	Months	Than Six
			to Six	Months
			Months

Past Due

Percentage of loans in the single-family mortgage portfolio that were in forbearance by payment status as of March 31, 2021 (based on loan count).

Percentage of loans in the multifamily mortgage portfolio currently under a forbearance program (based on UPB).

© Freddie Mac

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Conservatorship Matters

Net Worth, Liquidation Preference8, and Treasury Funding Commitment

$ Billions

$140.2

$89.1

$18.8

As of March 31, 2021

Net worth

Senior preferred stock liquidation preference

Remaining Treasury funding commitment

Draws and Dividend Payments

$ Billions

$119.7

$71.6

As of March 31, 2021

Cumulative draws from Treasury

Cumulative dividend payments to Treasury

Due to changes to the terms of the senior preferred stock pursuant to the January 2021 Letter Agreement, Freddie Mac 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).

© Freddie Mac

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