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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
For the quarterly period ended March 31, 2023
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
For the transition period from                                       to
Commission File Number: 001-34139
primarylogoa04.jpg
Federal Home Loan Mortgage Corporation
(Exact name of registrant as specified in its charter)

Federally chartered 
52-0904874
8200 Jones Branch Drive
22102-3110
(703)
903-2000
corporation 
McLean,
Virginia
(State or other jurisdiction of incorporation or organization) 
(I.R.S. Employer
Identification No.)
(Address of principal executive offices)(Zip Code)(Registrant's telephone number,
including area code)
Securities registered pursuant to Section 12(b) of the Act: 
Title of each classTrading Symbol(s)Name of each exchange on which registered
NoneN/AN/A
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes     No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes    No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
 
Large accelerated filer
 Accelerated filer
 Non-accelerated filer Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No 
As of April 11, 2023, there were 650,059,553 shares of the registrant's common stock outstanding.


Table of Contents
Table of Contents
Page
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
n    Introduction
n    Housing and Mortgage Market Conditions
n    Consolidated Results of Operations
n    Consolidated Balance Sheets Analysis
n    Our Portfolios
n    Our Business Segments
n    Risk Management
l Credit Risk
l Market Risk
n    Liquidity and Capital Resources
n    Critical Accounting Estimates
n    Regulation and Supervision
n    Forward-Looking Statements
FINANCIAL STATEMENTS
OTHER INFORMATION
CONTROLS AND PROCEDURES
EXHIBIT INDEX
SIGNATURES
FORM 10-Q INDEX

Freddie Mac 1Q 2023 Form 10-Q
i

Table of Contents
MD&A TABLE INDEX
TableDescriptionPage
1Summary of Consolidated Statements of Income and Comprehensive Income
2Components of Net Interest Income
3Analysis of Net Interest Yield
4Components of Non-Interest Income
5(Provision) Benefit for Credit Losses
6Components of Non-Interest Expense
7Summarized Condensed Consolidated Balance Sheets
8Mortgage Portfolio
9Mortgage-Related Investments Portfolio
10Other Investments Portfolio
11Single-Family Segment Financial Results
12Multifamily Segment Financial Results
13Allowance for Credit Losses Activity
14Allowance for Credit Losses Ratios
15Single-Family New Business Activity
16Single-Family Mortgage Portfolio CRT Issuance
17Single-Family Mortgage Portfolio Credit Enhancement Coverage Outstanding
18
Serious Delinquency Rates for Credit-Enhanced and Non-Credit-Enhanced Loans in Our Single-Family Mortgage Portfolio
19Credit Quality Characteristics of Our Single-Family Mortgage Portfolio
20Single-Family Mortgage Portfolio Attribute Combinations
21Multifamily Mortgage Portfolio CRT Issuance
22Credit-Enhanced and Non-Credit-Enhanced Loans Underlying Our Multifamily Mortgage Portfolio
23Credit Quality of Our Multifamily Mortgage Portfolio Without Credit Enhancement
24PVS-YC and PVS-L Results Assuming Shifts of the Yield Curve
25Duration Gap and PVS Results
26PVS-L Results Before Derivatives and After Derivatives
27Earnings Sensitivity to Changes in Interest Rates
28Liquidity Sources
29Funding Sources
30Debt of Freddie Mac Activity
31Maturity and Redemption Dates
32Debt of Consolidated Trusts Activity
33Net Worth Activity
34Regulatory Capital Components
35Statutory Capital Components
36
Capital Metrics Under ERCF
37Forecasted House Price Growth Rates
Freddie Mac 1Q 2023 Form 10-Q
ii

Management's Discussion and AnalysisIntroduction
Management's Discussion and Analysis of Financial Condition and Results of Operations
This Quarterly Report on Form 10-Q includes forward-looking statements that are based on current expectations and that are subject to significant risks and uncertainties. These forward-looking statements are made as of the date of this Form 10-Q. We undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date of this Form 10-Q. Actual results might differ significantly from those described in or implied by such statements due to various factors and uncertainties, including those described in the MD&A - Forward-Looking Statements section of this Form 10-Q and the Introduction and Risk Factors sections of our Annual Report on Form 10-K for the year ended December 31, 2022, or 2022 Annual Report.
Throughout this Form 10-Q, we use certain acronyms and terms that are defined in the Glossary of our 2022 Annual Report.
You should read the following MD&A in conjunction with our 2022 Annual Report and our condensed consolidated financial statements and accompanying notes for the three months ended March 31, 2023 included in Financial Statements.
INTRODUCTION
Freddie Mac is a GSE chartered by Congress in 1970, with a mission to provide liquidity, stability, and affordability to the U.S. housing market. We do this primarily by purchasing single-family and multifamily residential mortgage loans originated by lenders. In most instances, we package these loans into guaranteed mortgage-related securities, which are sold in the global capital markets, and transfer interest-rate and liquidity risks to third-party investors. In addition, we transfer mortgage credit risk exposure to third-party investors through our credit risk transfer programs, which include securities- and insurance-based offerings. We also invest in mortgage loans and mortgage-related securities. We do not originate mortgage loans or lend money directly to mortgage borrowers.
We support the U.S. housing market and the overall economy by enabling America's families to access mortgage loan funding with better terms and by providing consistent liquidity to the single-family and multifamily mortgage markets. We have helped many distressed borrowers keep their homes or avoid foreclosure and have helped many distressed renters avoid eviction.
Since September 2008, we have been operating in conservatorship, with FHFA as our Conservator. The conservatorship and related matters significantly affect our management, business activities, financial condition, and results of operations. Our future is uncertain, and the conservatorship has no specified termination date. We do not know what changes may occur to our business model during or following conservatorship, including whether we will continue to exist. In connection with our entry into conservatorship, we entered into the Purchase Agreement with Treasury, under which we issued Treasury both senior preferred stock and a warrant to purchase common stock. Our Purchase Agreement with Treasury is critical to keeping us solvent and avoiding the appointment of a receiver by FHFA under statutory mandatory receivership provisions. We believe the support provided by Treasury pursuant to the Purchase Agreement currently enables us to have adequate liquidity to conduct normal business activities. For additional information on the conservatorship and related matters and the Purchase Agreement, see our 2022 Annual Report.

Freddie Mac 1Q 2023 Form 10-Q
1

Management's Discussion and AnalysisIntroduction
Business Results
Consolidated Financial Results
Net Revenues and Net Income
(In billions)
46
Net Worth
(In billions)
72
Key Drivers:
n    Net income was $2.0 billion, a decrease of 47% year-over-year, primarily driven by lower net revenues and a credit reserve build in the current period compared to a credit reserve release in the prior year period.
n    Net revenues were $4.8 billion, a decrease of 17% year-over-year, as higher net interest income was offset by a decline in non-interest income.
n    Net worth was $39.1 billion as of March 31, 2023, up from $37.0 billion as of December 31, 2022 and $31.7 billion as of March 31, 2022. The quarterly increases in net worth have been, or will be, added to the aggregate liquidation preference of the senior preferred stock. The liquidation preference of the senior preferred stock was $109.7 billion on March 31, 2023, and will increase to $111.7 billion on June 30, 2023 based on the increase in net worth in 1Q 2023.
Market Liquidity
                      Market Liquidity
(In thousands)
59
We support the U.S. housing market by executing our mission to provide liquidity and help maintain credit availability for new and refinanced single-family mortgages as well as for rental housing. We provided $65 billion in liquidity to the mortgage market in 1Q 2023, which enabled the financing of 250,000 home purchases, refinancings, and rental units.
Freddie Mac 1Q 2023 Form 10-Q
2

Management's Discussion and AnalysisIntroduction
Mortgage Portfolio Balances

Mortgage Portfolio
(UPB in billions)
41
Key Drivers:
n    Our mortgage portfolio increased 4% year-over-year to $3.4 trillion at March 31, 2023.
l    Our Single-Family mortgage portfolio was $3.0 trillion at March 31, 2023, up 4% year-over-year and flat quarter-over-quarter, as portfolio growth has moderated in recent periods due to the slowdown in new business activity as both home purchase activity and refinance activity slowed due to higher mortgage interest rates.
l    Our Multifamily mortgage portfolio was $426 billion at March 31, 2023, up 3% year-over-year and down 1% quarter-over-quarter, primarily due to the slowdown in new business activity as higher mortgage interest rates and greater market uncertainty have reduced demand for multifamily mortgage financing.
Credit Risk Transfer
Single-Family Mortgage Portfolio with Credit Enhancement
(UPB in billions)
80
Multifamily Mortgage Portfolio with Credit Enhancement
(UPB in billions)
155
In addition to transferring interest-rate and liquidity risk to third-party investors through our securitization activities, we engage in various credit enhancement arrangements to reduce our credit risk exposure. We transfer a portion of the credit risk, primarily on recently acquired loans, through our CRT programs. We also reduce our credit risk exposure through other credit enhancement arrangements, mainly primary mortgage insurance. See MD&A - Risk Management Credit Risk for additional information on our credit enhancements and CRT programs.
Freddie Mac 1Q 2023 Form 10-Q
3

Management's Discussion and AnalysisHousing and Mortgage Market Conditions
HOUSING AND MORTGAGE MARKET CONDITIONS
The following charts present certain housing and mortgage market indicators that can significantly affect our business and financial results. Certain market and macroeconomic prior period data have been updated to reflect revised historical data. For additional information on the effect of these indicators on our business and financial results, see MD&A – Consolidated Results of Operations and MD&A – Our Business Segments.
Single-Family
U.S. Single-Family Home Sales and House Prices
13743895347506Sources: National Association of Realtors, U.S. Census Bureau, and Freddie Mac House Price Index.

U.S. Single-Family Mortgage Originations
_
(UPB in billions)13743895348082
Source: Inside Mortgage Finance. 1Q 2023 U.S. single-family mortgage originations data is not yet available.
Single-Family Serious Delinquency Rates


13743895347803
Source: Freddie Mac and National Delinquency Survey from the Mortgage Bankers Association. 1Q 2023 total mortgage market rate is not yet available.


Single-Family Mortgage Debt Outstanding

(UPB in billions)
13743895347204
Source: Freddie Mac and Federal Reserve Financial Accounts of the United States of America. 1Q 2023 U.S. single-family mortgage debt outstanding data is not yet available.

Freddie Mac 1Q 2023 Form 10-Q
4

Management's Discussion and AnalysisHousing and Mortgage Market Conditions
Multifamily
Apartment Vacancy Rates and Change in Effective Rents
13743895347258
Source: Reis.

Multifamily Property Price Growth Rate

13743895347317
Source: Real Capital Analytics Commercial Property Price Index (RCA CPPI).


Multifamily Delinquency Rates
13743895347445Source: Freddie Mac, FDIC Quarterly Banking Profile, Intex Solutions, Inc., and Wells Fargo Securities (Multifamily CMBS market, excluding REOs). The 1Q 2023 delinquency rate for FDIC insured institutions is not yet available.



Multifamily Mortgage Debt Outstanding
(UPB in billions)
13743895347909Source: Freddie Mac and Federal Reserve Financial Accounts of the United States of America. 1Q 2023 U.S. multifamily mortgage debt outstanding data is not yet available.
Freddie Mac 1Q 2023 Form 10-Q
5

Management's Discussion and AnalysisConsolidated Results of Operations

CONSOLIDATED RESULTS OF OPERATIONS
The discussion of our consolidated results of operations should be read in conjunction with our condensed consolidated financial statements and accompanying notes. Our financial results and business volumes could be negatively affected by adverse changes in the housing market or economic conditions, including volatility and stress within the banking sector and the measures governments and financial services companies take in response. Stress in U.S. regional banks could drive elevated counterparty credit risk and indirect risk due to financing or banking relationships that our counterparties have with the affected banking organizations. We could also experience declines in the liquidity in the markets for our securities as a result of any such adverse changes or regulatory responses to adverse changes. See Risk Factors in our 2022 Annual Report for additional information.
The table below compares our summarized consolidated results of operations.
Table 1 - Summary of Consolidated Statements of Income and Comprehensive Income
Change
(Dollars in millions)1Q 20231Q 2022$%
Net interest income$4,501 $4,104 $397 10 %
Non-interest income326 1,742 (1,416)(81)
Net revenues4,827 5,846 (1,019)(17)
(Provision) benefit for credit losses(395)837 (1,232)(147)
Non-interest expense(1,932)(1,932)— — 
Income before income tax expense2,500 4,751 (2,251)(47)
Income tax expense(505)(953)448 47 
Net income1,995 3,798 (1,803)(47)
Other comprehensive income (loss),
net of taxes and reclassification adjustments
54 (120)174 145 
Comprehensive income$2,049 $3,678 ($1,629)(44)%
Net Revenues
Net Interest Income
The table below presents the components of net interest income.
Table 2 - Components of Net Interest Income
Change
(Dollars in millions)1Q 20231Q 2022$%
Guarantee net interest income:
Contractual net interest income$3,666 $3,334 $332 10 %
Deferred fee income207 1,042 (835)(80)
Total guarantee net interest income3,873 4,376 (503)(11)
Investments net interest income1,432 579 853 147 
Impact on net interest income from hedge accounting(804)(851)47 
Net interest income$4,501 $4,104 $397 10 %
Key Drivers:
n    Guarantee net interest income
l    1Q 2023 vs. 1Q 2022 - Decreased as continued mortgage portfolio growth and higher average portfolio guarantee fee rates were offset by a decline in deferred fee income due to slower prepayments driven by higher mortgage interest rates.
n    Investments net interest income
l    1Q 2023 vs. 1Q 2022 - Increased primarily due to higher returns on securities purchased under agreements to resell as a result of higher short-term interest rates.
Freddie Mac 1Q 2023 Form 10-Q
6

Management's Discussion and AnalysisConsolidated Results of Operations

n    Impact on net interest income from hedge accounting
l    1Q 2023 vs. 1Q 2022 - Decreased due to a favorable change in the earnings mismatch on qualifying fair value hedge relationships, partially offset by higher interest expense on derivatives in hedge relationships as a result of higher interest rates.
Net Interest Yield Analysis
The table below presents a yield analysis of interest-earning assets and interest-bearing liabilities.
Table 3 - Analysis of Net Interest Yield
1Q 20231Q 2022
(Dollars in millions)
Average
Balance
Interest
Income
(Expense)
Average
Rate
Average
Balance
Interest
Income
(Expense)
Average
Rate
Interest-earning assets:
Cash and cash equivalents$13,758 $121 3.51 %$15,832 $3 0.07 %
Securities purchased under agreements to resell107,516 1,220 4.54 88,675 23 0.11 
Investment securities38,126 316 3.31 50,373 384 3.05 
Mortgage loans(1)
3,042,128 23,304 3.06 2,901,060 17,310 2.39 
Other assets1,930 26 5.30 5,534 20 1.40 
Total interest-earning assets3,203,458 24,987 3.12 3,061,474 17,740 2.32 
Interest-bearing liabilities:
Debt of consolidated trusts2,975,417 (18,261)(2.45)2,836,484 (13,249)(1.87)
Debt of Freddie Mac187,599 (2,225)(4.74)182,580 (387)(0.85)
Total interest-bearing liabilities3,163,016 (20,486)(2.59)3,019,064 (13,636)(1.81)
Impact of net non-interest-bearing funding40,442 — 0.03 42,410 — 0.03 
Total funding of interest-earning assets3,203,458 (20,486)(2.56)3,061,474 (13,636)(1.78)
Net interest income/yield$4,501 0.56 %$4,104 0.54 %
(1)Loan fees included in net interest income were $0.3 billion and $0.5 billion during 1Q 2023 and 1Q 2022, respectively.
Non-Interest Income
The table below presents the components of non-interest income.
Table 4 - Components of Non-Interest Income
Change
(Dollars in millions)1Q 20231Q 2022$%
Guarantee income:
Contractual guarantee fees324 $318 $6 %
Guarantee obligation amortization279 299 (20)(7)
Guarantee asset fair value changes(137)(547)410 75 
Total guarantee income466 70 396 566 
Investment gains, net:
Single-Family(179)1,252 (1,431)(114)
Multifamily(46)261 (307)(118)
Total investment gains, net(225)1,513 (1,738)(115)
Other income85 159 (74)(47)
Non-interest income$326 $1,742 ($1,416)(81)%

Freddie Mac 1Q 2023 Form 10-Q
7

Management's Discussion and AnalysisConsolidated Results of Operations

Key Drivers:
n    Guarantee income
l    1Q 2023 vs. 1Q 2022 - Increased as 1Q 2022 included fair value losses on guarantee assets due to rising interest rates.
n    Investment gains, net
l    1Q 2023 vs. 1Q 2022 - Net investment gains in Single-Family declined from elevated levels in 1Q 2022, which were driven by spread-related gains on commitments to hedge the securitization pipeline during that period. Multifamily net investment gains also declined due to lower revenue from held-for-sale loan purchase and securitization activity as a result of lower volumes and lower margins, coupled with net losses from interest-rate risk management activities.
(Provision) Benefit for Credit Losses
The table below presents the components of provision for credit losses.
Table 5 - (Provision) Benefit for Credit Losses
Change
(Dollars in millions)1Q 20231Q 2022$%
Single-Family($318)$831 ($1,149)(138)%
Multifamily(77)(83)(1,383)
 (Provision) benefit for credit losses($395)$837 ($1,232)(147)%
Key Drivers:
n    1Q 2023 vs. 1Q 2022 - The provision for credit losses for 1Q 2023 was driven by a modest credit reserve build primarily attributable to new acquisitions in Single-Family. The benefit for credit losses for 1Q 2022 was primarily driven by a credit reserve release due to higher estimated house prices and an improvement in forecasted economic conditions.
Non-Interest Expense
The table below presents the components of non-interest expense.
Table 6 - Components of Non-Interest Expense
Change
(Dollars in millions)1Q 20231Q 2022$%
Salaries and employee benefits($374)($356)($18)(5)%
Credit enhancement expense(530)(459)(71)(15)
Benefit for (decrease in) credit enhancement recoveries49 (17)66 388 
Legislative assessments expense:
Legislated guarantee fees expense(708)(666)(42)(6)
Affordable housing funds allocation(27)(93)66 71 
Total legislative assessments expense(735)(759)24 3 
Other expense(342)(341)(1)— 
Non-interest expense($1,932)($1,932)$—  %
Key Drivers:
n    Credit enhancement expense
l    1Q 2023 vs. 1Q 2022 - Increased primarily due to a higher volume of outstanding cumulative CRT transactions.
n    Benefit for (decrease in) credit enhancement recoveries
l    1Q 2023 vs. 1Q 2022 - Increased primarily due to an increase in expected credit losses on covered loans.
n    Legislative assessments expense
l    1Q 2023 vs. 1Q 2022 - Decreased primarily due to lower affordable housing funds allocation as a result of lower Single-Family new business activity, partially offset by higher legislated guarantee fees expense due to growth in our Single-Family mortgage portfolio.
Freddie Mac 1Q 2023 Form 10-Q
8

Management's Discussion and AnalysisConsolidated Balance Sheets Analysis

CONSOLIDATED BALANCE SHEETS ANALYSIS
The table below compares our summarized condensed consolidated balance sheets.
Table 7 - Summarized Condensed Consolidated Balance Sheets
Change
(Dollars in millions)March 31, 2023December 31, 2022$%
Assets:
Cash and cash equivalents$5,873 $6,360 ($487)(8)%
Securities purchased under agreements to resell108,036 87,295 20,741 24 
Investment securities, at fair value37,712 38,701 (989)(3)
Mortgage loans held-for-sale12,782 12,197 585 
Mortgage loans held-for-investment3,024,249 3,022,318 1,931 — 
Accrued interest receivable, net8,662 8,529 133 
Deferred tax assets, net5,329 5,777 (448)(8)
Other assets22,337 27,156 (4,819)(18)
Total assets$3,224,980 $3,208,333 $16,647 1 %
Liabilities and Equity:
Liabilities:
Accrued interest payable$7,507 $7,309 $198 %
Debt3,167,514 3,145,832 21,682 
Other liabilities10,892 18,174 (7,282)(40)
Total liabilities3,185,913 3,171,315 14,598  
Total equity39,067 37,018 2,049 6 
Total liabilities and equity$3,224,980 $3,208,333 $16,647 1 %
Key Drivers:
As of March 31, 2023 compared to December 31, 2022:
n    Securities purchased under agreements to resell and debt increased primarily due to an increase in debt issuance to prefund upcoming debt maturities and anticipated calls of outstanding debt.
n    Other assets decreased primarily due to a decline in receivables related to U.S. Treasury securities sold but not yet settled.
n    Other liabilities decreased primarily due to a decline in payables related to U.S. Treasury securities purchased but not yet settled.



Freddie Mac 1Q 2023 Form 10-Q
9

Management's Discussion and AnalysisOur Portfolios
OUR PORTFOLIOS
Mortgage Portfolio
The table below presents the UPB of our mortgage portfolio by segment.
Table 8 - Mortgage Portfolio
March 31, 2023December 31, 2022
(In millions)Single-FamilyMultifamilyTotalSingle-FamilyMultifamilyTotal
Mortgage loans held-for-investment:
By consolidated trusts$2,909,802$34,978$2,944,780$2,907,999$30,574$2,938,573
By Freddie Mac35,14712,37547,52233,50617,80551,311
Total mortgage loans held-for-investment2,944,949 47,353 2,992,302 2,941,505 48,379 2,989,884 
Mortgage loans held-for-sale3,373 10,255 13,628 3,564 9,544 13,108 
Total mortgage loans2,948,322 57,608 3,005,930 2,945,069 57,923 3,002,992 
Mortgage-related guarantees:
Mortgage loans held by nonconsolidated trusts31,023 357,747 388,770 31,500 360,869 392,369 
Other mortgage-related guarantees9,290 10,684 19,974 9,476 10,510 19,986 
Total mortgage-related guarantees40,313 368,431 408,744 40,976 371,379 412,355 
Total mortgage portfolio$2,988,635 $426,039 $3,414,674 $2,986,045 $429,302 $3,415,347 
Guaranteed mortgage-related securities:
Issued by consolidated trusts$2,920,201$34,978$2,955,179$2,916,038$30,813$2,946,851
Issued by nonconsolidated trusts25,329316,606341,93525,772319,117344,889
Total guaranteed mortgage-related securities$2,945,530 $351,584 $3,297,114 $2,941,810 $349,930 $3,291,740 
Investments Portfolio
Our investments portfolio consists of our mortgage-related investments portfolio and our other investments portfolio.
Mortgage-Related Investments Portfolio
The Purchase Agreement limits the size of our mortgage-related investments portfolio to a maximum amount of $225 billion. The calculation of mortgage assets subject to the Purchase Agreement cap includes the UPB of mortgage assets and 10% of the notional value of interest-only securities. We are also subject to additional limitations on the size and composition of our mortgage-related investments portfolio pursuant to FHFA guidance. For additional information on the restrictions on our mortgage-related investments portfolio, see the MD&A - Conservatorship and Related Matters section in our 2022 Annual Report.
Freddie Mac 1Q 2023 Form 10-Q
10

Management's Discussion and AnalysisOur Portfolios
The table below presents the details of our mortgage-related investments portfolio.
Table 9 - Mortgage-Related Investments Portfolio
March 31, 2023December 31, 2022
(In millions)Single-FamilyMultifamilyTotalSingle-FamilyMultifamilyTotal
Unsecuritized mortgage loans:
Securitization pipeline and other loans$10,863 $22,630 $33,493 $10,093 $27,349 $37,442 
Seasoned loans27,657 — $27,657 26,977 — 26,977 
Total unsecuritized mortgage loans38,52022,63061,15037,07027,34964,419
Mortgage-related securities:
Investment securities3,988 6,183 10,171 3,440 6,396 9,836 
Debt of consolidated trusts17,077 698 17,775 17,939 536 18,475 
Total mortgage-related securities21,065 6,881 27,946 21,379 6,932 28,311 
Mortgage-related investments portfolio$59,585 $29,511 $89,096 $58,449 $34,281 $92,730 
10% of notional amount of interest-only securities$21,554$21,758
Mortgage-related investments portfolio for purposes of Purchase Agreement cap110,650114,488
Other Investments Portfolio
The table below presents the details of our other investments portfolio.
Table 10 - Other Investments Portfolio
March 31, 2023December 31, 2022
(In millions)Liquidity and Contingency Operating PortfolioCustodial AccountOther
Total Other Investments Portfolio (1)
Liquidity and Contingency Operating PortfolioCustodial AccountOther
Total Other Investments Portfolio (1)
Cash and cash equivalents$5,038 $741 $94 $5,873 $5,652 $611 $97 $6,360 
Securities purchased under
agreements to resell
100,948 10,881 859 112,688 88,499 9,703 1,084 99,286 
Non-mortgage-related securities17,531 — 4,738 22,269 20,188 — 3,645 23,833 
Other assets— — 5,644 5,644 — — 4,565 4,565 
Other investments portfolio$123,517 $11,622 $11,335 $146,474 $114,339 $10,314 $9,391 $134,044 
(1)Represents carrying value.
Freddie Mac 1Q 2023 Form 10-Q
11

Management's Discussion and AnalysisOur Business Segments

OUR BUSINESS SEGMENTS
As shown in the table below, we have two reportable segments, which are based on the way we manage our business.
SegmentDescription
Single-Family
Reflects results from our purchase, securitization, and guarantee of single-family loans, our investments in single-family loans and mortgage-related securities, the management of Single-Family mortgage credit risk and market risk, and any results of our treasury function that are not allocated to each segment.
Multifamily
Reflects results from our purchase, securitization, and guarantee of multifamily loans, our investments in multifamily loans and mortgage-related securities, and the management of Multifamily mortgage credit risk and market risk.
Segment Net Revenues and Net Income
The charts below show our net revenues and net income by segment.
Segment Net Revenues
(In billions)39
Segment Net Income
(In billions)81
Freddie Mac 1Q 2023 Form 10-Q
12

Management's Discussion and Analysis
Our Business Segments | Single-Family
Single-Family
Business Results
The charts, tables, and related discussion below present the business results of our Single-Family segment.
New Business Activity
UPB of Single-Family Loan Purchases and Guarantees by Loan Purpose and Average Estimated Guarantee Fee Rate(1) on New Acquisitions
(UPB in billions)178
(1)Estimated guarantee fee rate calculation excludes the legislated guarantee fees and includes deferred fees recognized over the estimated life of the related loans.
Number of Families Helped to Own a Home and Average Loan UPB of New Acquisitions

(Loan count in thousands)
444
n    1Q 2023 vs. 1Q 2022
l    Our loan purchase and guarantee activity slowed due to higher mortgage interest rates. We expect volume for the remainder of the year to be lower than 2022 due in part to higher mortgage interest rates.
l    The average loan size of new acquisitions increased due to a higher conforming loan limit and house price appreciation in recent quarters.
l    The average estimated guarantee fee rate on new acquisitions increased primarily due to higher contractual guarantee fees and faster expected credit fee recognition driven by higher estimated prepayments on new acquisitions. This increase was partially offset by a shift in the business mix of new acquisitions.
For additional information on credit fee changes, see the MD&A - Regulation and Supervision section in this Form 10-Q and our 2022 Annual Report.

Freddie Mac 1Q 2023 Form 10-Q
13

Management's Discussion and Analysis
Our Business Segments | Single-Family
Single-Family Mortgage Portfolio
Single-Family Mortgage Portfolio and Average Estimated Guarantee Fee Rate(1) on Mortgage Portfolio
(UPB in billions)145
(1)Estimated guarantee fee rate is calculated as of acquisition and excludes the legislated guarantee fees. Estimated guarantee fee rate calculation also excludes certain loans, the majority of which are held by VIEs that we do not consolidate. The UPB of these excluded loans was $43 billion as of March 31, 2023.
Single-Family Mortgage Loans
(Loan count in millions) 464
n    The Single-Family mortgage portfolio was $3.0 trillion at March 31, 2023, up 4% year-over-year and flat quarter-over-quarter, as portfolio growth has moderated in recent periods due to the slowdown in new business activity as both home purchase activity and refinance activity slowed due to higher mortgage interest rates.
n    The average estimated guarantee fee rate on the Single-Family mortgage portfolio increased year-over-year as older vintages with lower estimated guarantee fee rates were replaced by acquisitions of new loans with higher estimated guarantee fee rates.
Freddie Mac 1Q 2023 Form 10-Q
14

Management's Discussion and Analysis
Our Business Segments | Single-Family
CRT Activities
We transfer credit risk on a portion of our Single-Family mortgage portfolio to the private market, reducing the risk of future losses to us when borrowers default. The charts below show the issuance amounts associated with CRT transactions for loans in our Single-Family mortgage portfolio.
UPB Covered by New CRT Issuance
(In billions)347
New CRT Issuance Maximum Coverage
(In billions)348
n    1Q 2023 vs. 1Q 2022
l    The UPB of mortgage loans covered by CRT transactions and related maximum coverage issued during 1Q 2023 decreased compared to 1Q 2022 due to a decrease in loan acquisition activity in recent quarters and changes in business strategy and market conditions.
l    Our percentage of Single-Family acquisitions targeted for CRT transactions (primarily 30-year fixed rate loans with LTV ratios between 60% and 97%) increased to 81% during 1Q 2023, from 67% during 1Q 2022, primarily driven by an increase in the percentage of recently acquired loans with original LTV ratios above 60% and an increase in the percentage of 30-year loan acquisitions.
See MD&A - Risk Management - Single-Family Mortgage Credit Risk - Transferring Credit Risk to Third-Party Investors for additional information on our CRT activities and other credit enhancements.
Freddie Mac 1Q 2023 Form 10-Q
15

Management's Discussion and Analysis
Our Business Segments | Single-Family
Loss Mitigation Activities
The following chart provides details about the single-family loan workout activities that were completed during the periods presented. The forbearance data included below is limited to loans in forbearance that are past due based on the loans' original contractual terms and excludes both loans for which we do not control servicing and loans included in certain legacy transactions, as the forbearance data for such loans is either not reported to us by the servicers or is otherwise not readily available to us.
Completed Loan Workout Activity
(UPB in billions, number of loan workouts in thousands)



92
(1)Other includes repayment plans and foreclosure alternatives.
n    Completed loan workout activity includes forbearance plans where borrowers fully reinstated the loan to current status during or at the end of the forbearance period, payment deferral plans, loan modifications, successfully completed repayment plans, short sales, and deeds in lieu of foreclosure. Completed loan workout activity excludes active loss mitigation activity that was ongoing and had not been completed as of the end of the period, such as forbearance plans that had been initiated but not completed and trial period modifications. There were approximately 27,000 loans in active forbearance plans and approximately 13,000 loans in other active loss mitigation activity as of March 31, 2023.
n    1Q 2023 vs. 1Q 2022 - Our loan workout activity decreased as the overall forbearance population continued to decline.
Freddie Mac 1Q 2023 Form 10-Q
16

Management's Discussion and Analysis
Our Business Segments | Single-Family
Financial Results
The table below presents the results of operations for our Single-Family segment. See Note 11 for additional information about segment financial results.
Table 11 - Single-Family Segment Financial Results
Change
(Dollars in millions)1Q 20231Q 2022$%
Net interest income$4,296 $3,806 $490 13 %
Non-interest income(93)1,408 (1,501)(107)
Net revenues4,203 5,214 (1,011)(19)
(Provision) benefit for credit losses(318)831 (1,149)(138)
Non-interest expense (1,783)(1,778)(5)— 
Income before Income tax expense2,102 4,267 (2,165)(51)
Income tax expense(425)(856)431 50 
Net income1,677 3,411 (1,734)(51)
Other comprehensive income (loss), net of taxes and reclassification adjustments(1)(12)11 92 
Comprehensive income$1,676 $3,399 ($1,723)(51)%
Key Business Drivers:
n 1Q 2023 vs. 1Q 2022
l    Net income of $1.7 billion, down 51% year-over-year.
Net revenues were $4.2 billion, down 19% year-over-year.
Net interest income was $4.3 billion, up 13% year-over-year, primarily driven by mortgage portfolio growth, higher average portfolio guarantee fee rates, and higher investments net interest income due to higher interest rates. These increases were partially offset by a decline in deferred fee income due to slower prepayments driven by higher mortgage interest rates.
Non-interest income was a loss of $0.1 billion for 1Q 2023, compared to non-interest income of $1.4 billion for 1Q 2022, which was primarily driven by spread-related gains on commitments to hedge the securitization pipeline during that period.
Provision for credit losses was $0.3 billion for 1Q 2023, driven by a modest credit reserve build primarily attributable to new acquisitions. The benefit for credit losses of $0.8 billion for 1Q 2022 was driven by a credit reserve release due to higher estimated house prices and an improvement in forecasted economic conditions.
Freddie Mac 1Q 2023 Form 10-Q
17

Management's Discussion and Analysis
Our Business Segments | Multifamily

Multifamily
Business Results
The charts, tables, and related discussion below present the business results of our Multifamily segment.
New Business Activity
New Business Activity
(In billions)
227
Total Number of Rental Units Financed(1)
(In thousands)340
(1) Includes rental units financed by supplemental loans.

n    As of March 31, 2023, the multifamily new business activity subject to the FHFA 2023 loan purchase cap of $75 billion was $5.7 billion. Approximately 60% of this activity, based on UPB, was mission-driven, affordable housing, currently exceeding FHFA's minimum requirement of 50%.
n    Our new business activity was lower year-over-year as higher mortgage interest rates and greater market uncertainty have reduced demand for multifamily mortgage financing.
n    Our index lock agreements and outstanding commitments to purchase or guarantee multifamily assets were $19.2 billion and $19.9 billion as of March 31, 2023 and March 31, 2022, respectively.
Freddie Mac 1Q 2023 Form 10-Q
18

Management's Discussion and Analysis
Our Business Segments | Multifamily

Multifamily Mortgage Portfolio and Guarantee Portfolio

Mortgage Portfolio
(UPB in billions)
310
Guarantee Portfolio
(In billions) 546
n    Our Multifamily mortgage portfolio was $426 billion at March 31, 2023, up 3% year-over-year and down 1% quarter-over-quarter, primarily due to the slowdown in new business activity as higher mortgage interest rates and greater market uncertainty have reduced demand for multifamily mortgage financing. Our guarantee portfolio was $362 billion at March 31, 2023, up 3% year-over-year as our securitization activities outpaced payoffs.
n    In addition to our Multifamily mortgage portfolio, we have investments in LIHTC fund partnerships with carrying values totaling $2.9 billion and $2.8 billion as of March 31, 2023 and December 31, 2022, respectively.
Freddie Mac 1Q 2023 Form 10-Q
19

Management's Discussion and Analysis
Our Business Segments | Multifamily

CRT Activities
UPB Covered by New CRT Issuance New CRT Issuance Maximum Coverage
(In billions) (In billions)
352
369
n    1Q 2023 vs. 1Q 2022
l    The UPB of mortgage loans covered by new CRT transactions and the maximum coverage decreased year-over-year, primarily due to fewer securitizations with subordination as a result of a smaller average held-for-sale securitization pipeline.
See MD&A - Risk Management - Multifamily Mortgage Credit Risk - Transferring Credit Risk to Third-Party Investors for more information on risk transfer transactions and credit enhancements on our Multifamily mortgage portfolio.

Freddie Mac 1Q 2023 Form 10-Q
20

Management's Discussion and Analysis
Our Business Segments | Multifamily

Financial Results
The table below presents the results of operations for our Multifamily segment. See Note 11 for additional information about segment financial results.
Table 12 - Multifamily Segment Financial Results
Change
(Dollars in millions)1Q 20231Q 2022$%
Net interest income$205 $298 ($93)(31)%
Non-interest income419 334 85 25 
Net revenues624 632 (8)(1)
(Provision) benefit for credit losses(77)(83)(1,383)
Non-interest expense(149)(154)
Income before income tax expense398 484 (86)(18)
Income tax expense(80)(97)17 18 
Net income318 387 (69)(18)
Other comprehensive income (loss), net of taxes and reclassification adjustments55 (108)163 151 
Comprehensive income$373 $279 $94 34 %
Key Business Drivers:
n    1Q 2023 vs. 1Q 2022
l    Net income of $0.3 billion, down 18% year-over-year.
Net revenues were $0.6 billion, down 1% year-over-year.
Net interest income was $0.2 billion, down 31% year-over-year, primarily due to lower prepayment income driven by higher mortgage interest rates.
Non-interest income was $0.4 billion, up 25% year-over-year, primarily driven by higher guarantee income, partially offset by lower net investment gains. Guarantee income increased as 1Q 2022 included fair value losses on guarantee assets due to rising interest rates. Net investment gains declined due to lower revenue from held-for-sale loan purchase and securitization activity as a result of lower volumes and lower margins, coupled with net losses from interest-rate risk management activities.
Provision for credit losses was $0.1 billion for 1Q 2023, compared to a small benefit for credit losses for 1Q 2022, primarily due to a credit reserve build to reflect increased uncertainty in forecasted economic conditions.



Freddie Mac 1Q 2023 Form 10-Q
21

Management's Discussion and AnalysisRisk Management


RISK MANAGEMENT
To achieve our mission, we take risks as an integral part of our business activities. We are exposed to the following key types of risk: credit risk, market risk, liquidity risk, operational risk, compliance risk, legal risk, strategic risk, and reputation risk.
Credit Risk
Allowance for Credit Losses
The tables below present a summary of the changes in our allowance for credit losses and key allowance for credit losses ratios.
Table 13 - Allowance for Credit Losses Activity
1Q 20231Q 2022
(Dollars in millions) Single-FamilyMultifamilyTotalSingle-FamilyMultifamilyTotal
Allowance for credit losses:
Beginning balance$7,746 $147 $7,893 $5,440 $78 $5,518 
Provision (benefit) for credit losses318 77 395 (831)(6)(837)
  Charge-offs(90)— (90)(173)— (173)
  Recoveries collected32 —