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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 September 30, 2024
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 October 8, 2024, 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 3Q 2024 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 Newly Acquired Credit Enhancements
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
21Single-Family Completed Loan Workout Activity
22Multifamily Mortgage Portfolio CRT Issuance
23Credit-Enhanced and Non-Credit-Enhanced Loans Underlying Our Multifamily Mortgage Portfolio
24Credit Quality of Our Multifamily Mortgage Portfolio Without Credit Enhancement
25PVS-YC and PVS-L Results Assuming Shifts of the Yield Curve
26Duration Gap and PVS Results
27PVS-L Results Before Derivatives and After Derivatives
28Earnings Sensitivity to Changes in Interest Rates
29Liquidity Sources
30Funding Sources
31Debt of Freddie Mac Activity
32Maturity and Redemption Dates
33Debt of Consolidated Trusts Activity
34Net Worth Activity
35Regulatory Capital Components
36Statutory Capital Components
37
Capital Metrics Under ERCF
38Forecasted House Price Growth Rates
39Current and Proposed 2025-2027 Affordable Housing Goal Benchmark Levels
402023 and 2022 Affordable Housing Goals Results
Freddie Mac 3Q 2024 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, 2023, or 2023 Annual Report.
Throughout this Form 10-Q, we use certain acronyms and terms that are defined in the Glossary of our 2023 Annual Report.
You should read the following MD&A in conjunction with our 2023 Annual Report and our condensed consolidated financial statements and accompanying notes for the three and nine months ended September 30, 2024 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 a portion of our 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, mortgage-related securities, and other types of assets. 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 2023 Annual Report.

Freddie Mac 3Q 2024 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)
152
Key Drivers:
n    Net income was $3.1 billion, an increase of $420 million year-over-year, primarily driven by a decline in non-interest expense, as the prior period included a $313 million additional expense accrual.
n    Net revenues were $5.8 billion, an increase of 3% year-over-year, primarily driven by higher net interest income.
n    Net worth was $56.4 billion as of September 30, 2024, up from $44.7 billion as of September 30, 2023. 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 $125.9 billion on September 30, 2024, and will increase to $129.0 billion on December 31, 2024 based on the increase in net worth in 3Q 2024.
Market Liquidity
                      Market Liquidity
(In thousands)
75
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 $113 billion in liquidity to the mortgage market in 3Q 2024, which enabled the financing of 415,000 home purchases, refinancings, and rental units.

Freddie Mac 3Q 2024 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 2% year-over-year to $3.5 trillion at September 30, 2024, continuing to grow at a moderate pace.
l    Our Single-Family mortgage portfolio was $3.1 trillion at September 30, 2024, up 2% year-over-year.
l    Our Multifamily mortgage portfolio was $452 billion at September 30, 2024, up 5% year-over-year.
Credit Enhancement Coverage
Single-Family Mortgage Portfolio with Credit Enhancement
(UPB in billions)
81
Multifamily Mortgage Portfolio with Credit Enhancement
(UPB in billions)
157
In addition to transferring interest-rate and liquidity risk to third-party investors through our securitization activities, we engage in various types of credit enhancements, such as primary mortgage insurance and CRT transactions, to reduce our credit risk exposure and transfer a portion of the credit risk on certain loans in our mortgage portfolio to third parties. At September 30, 2024, we had credit enhancement coverage on 62% of our Single-Family mortgage portfolio and 93% of our Multifamily mortgage portfolio. See MD&A - Risk Management Credit Risk for additional information on our credit enhancements.

Freddie Mac 3Q 2024 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
105Sources: National Association of Realtors, U.S. Census Bureau, and Freddie Mac House Price Index (seasonally adjusted rate).

U.S. Single-Family Mortgage Originations
(UPB in billions)

334
Source: Freddie Mac and Inside Mortgage Finance.
Single-Family Serious Delinquency Rates


428
Source: Freddie Mac and National Delinquency Survey from the Mortgage Bankers Association. The 3Q 2024 total mortgage market rate is not yet available.


Single-Family Mortgage Debt Outstanding

(UPB in trillions)
4
Source: Freddie Mac and Federal Reserve Financial Accounts of the United States of America. The 3Q 2024 U.S. single-family mortgage debt outstanding balance is not yet available.
Freddie Mac 3Q 2024 Form 10-Q
4

Management's Discussion and AnalysisHousing and Mortgage Market Conditions
Multifamily
Apartment Vacancy Rates and Change in Effective Rents
58Source: Reis.


Multifamily Quarterly Property Price Growth Rate

115
Source: Real Capital Analytics Commercial Property Price Index (RCA CPPI).


Multifamily Delinquency Rates
224Source: Freddie Mac, FDIC Quarterly Banking Profile, Intex Solutions, Inc., and Wells Fargo Securities (Multifamily CMBS conduit market, excluding REOs). The 3Q 2024 delinquency rate for FDIC insured institutions is not yet available.



Multifamily Mortgage Debt Outstanding
(UPB in billions)
520Source: Freddie Mac and Federal Reserve Financial Accounts of the United States of America. The 3Q 2024 U.S. multifamily mortgage debt outstanding balance is not yet available.
Freddie Mac 3Q 2024 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.
The table below compares our summarized consolidated results of operations.
Table 1 - Summary of Consolidated Statements of Income and Comprehensive Income
ChangeChange
(Dollars in millions)3Q 20243Q 2023$%YTD 2024YTD 2023$
%(1)
Net interest income$4,999 $4,749 $250 %$14,686 $13,773 $913 %
Non-interest income839 941 (102)(11)2,897 2,083 814 39 
Net revenues5,838 5,690 148 3 17,583 15,856 1,727 11 
(Provision) benefit for credit losses191 263 (72)(27)(384)405 (789)NM
Non-interest expense(2,183)(2,576)393 15 (6,439)(6,712)273 
Income before income tax expense3,846 3,377 469 14 10,760 9,549 1,211 13 
Income tax expense(741)(692)(49)(7)(2,124)(1,925)(199)(10)
Net income3,105 2,685 420 16 8,636 7,624 1,012 13 
Other comprehensive income (loss),
net of taxes and reclassification adjustments
62 19 43 226 32 19 13 68 
Comprehensive income$3,167 $2,704 $463 17 %$8,668 $7,643 $1,025 13 %
(1)NM - not meaningful.
Net Revenues
Net Interest Income
The table below presents the components of net interest income.
Table 2 - Components of Net Interest Income
ChangeChange
(Dollars in millions)3Q 20243Q 2023$%YTD 2024YTD 2023$%
Guarantee net interest income:
Contractual net interest income$3,844 $3,695 $149 %$11,430 $11,019 $411 %
Deferred fee income188 316 (128)(41)533 755 (222)(29)
Total guarantee net interest income4,032 4,011 21 1 11,963 11,774 189 2 
Investments net interest income1,511 1,675 (164)(10)4,595 4,718 (123)(3)
Impact on net interest income from hedge accounting(544)(937)393 42 (1,872)(2,719)847 31 
Net interest income$4,999 $4,749 $250 5 %$14,686 $13,773 $913 7 %
Key Drivers:
n    Guarantee net interest income
l    YTD 2024 vs. YTD 2023 - Increased primarily due to continued mortgage portfolio growth.
n    Impact on net interest income from hedge accounting
l    3Q 2024 vs. 3Q 2023 and YTD 2024 vs. YTD 2023 - Decreased due to lower expense related to debt in hedge accounting relationships.

Freddie Mac 3Q 2024 Form 10-Q
6

Management's Discussion and AnalysisConsolidated Results of Operations

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
3Q 20243Q 2023
(Dollars in millions)
Average
Balance
Interest
Income
(Expense)
Average
Rate
Average
Balance
Interest
Income
(Expense)
Average
Rate
Interest-earning assets:
Cash and cash equivalents$9,848 $103 4.10 %$13,523 $145 4.19 %
Securities purchased under agreements to resell109,863 1,511 5.50 122,140 1,660 5.43 
Investment securities45,616 510 4.48 41,169 427 4.15 
Mortgage loans(1)
3,133,839 27,640 3.53 3,069,177 24,525 3.20 
Other assets2,624 45 6.72 2,839 42 5.79 
Total interest-earning assets3,301,790 29,809 3.62 3,248,848 26,799 3.30 
Interest-bearing liabilities:
Debt of consolidated trusts3,064,773 (22,330)(2.91)3,005,595 (19,383)(2.58)
Debt of Freddie Mac178,148 (2,480)(5.56)193,925 (2,667)(5.49)
Total interest-bearing liabilities3,242,921 (24,810)(3.06)3,199,520 (22,050)(2.76)
Impact of net non-interest-bearing funding58,869 — 0.05 49,328 — 0.04 
Total funding of interest-earning assets3,301,790 (24,810)(3.01)3,248,848 (22,050)(2.72)
Net interest income/yield$4,999 0.61 %$4,749 0.58 %
(1)Loan fees included in net interest income were $0.3 and $0.2 billion during 3Q 2024 and 3Q 2023, respectively.
 YTD 2024YTD 2023
(Dollars in millions)
Average
Balance
Interest
Income
(Expense)
Average
Rate
Average
Balance
Interest
Income
(Expense)
Average
Rate
Interest-earning assets:
Cash and cash equivalents$11,119 $351 4.15 %$13,618 $401 3.88 %
Securities purchased under agreements to resell112,825 4,636 5.48 118,891 4,502 5.05 
Investment securities42,936 1,464 4.55 39,637 1,106 3.72 
Mortgage loans(1)
3,115,870 80,690 3.45 3,052,95371,4273.12 
Other assets2,339 117 6.58 2,5061055.53 
Total interest-earning assets3,285,089 87,258 3.55 3,227,60577,5413.20 
Interest-bearing liabilities:
Debt of consolidated trusts3,049,742 (65,086)(2.85)2,988,356 (56,252)(2.51)
Debt of Freddie Mac179,719 (7,486)(5.55)194,319 (7,516)(5.15)
Total interest-bearing liabilities3,229,461 (72,572)(3.00)3,182,675 (63,768)(2.67)
Impact of net non-interest-bearing funding55,628 — 0.05 44,930 — 0.04 
Total funding of interest-earning assets3,285,089 (72,572)(2.95)3,227,605 (63,768)(2.63)
Net interest income/yield$14,686 0.60 %$13,773 0.57 %
(1)Loan fees included in net interest income were $0.9 and $0.8 billion during YTD 2024 and YTD 2023, respectively.






Freddie Mac 3Q 2024 Form 10-Q
7

Management's Discussion and AnalysisConsolidated Results of Operations

Non-Interest Income
The table below presents the components of non-interest income.
Table 4 - Components of Non-Interest Income
ChangeChange
(Dollars in millions)3Q 20243Q 2023$%YTD 2024YTD 2023$%
Guarantee income$487 $301 $186 62 %$1,366 $1,076 $290 27 %
Investment gains, net243 555 (312)(56)1,197 741 456 62 
Other income109 85 24 28 334 266 68 26 
Non-interest income$839 $941 ($102)(11)%$2,897 $2,083 $814 39 %
Key Drivers:
n    Guarantee income
l    3Q 2024 vs. 3Q 2023 - Increased primarily due to lower fair value losses on guarantee assets as a result of medium-term interest rate declines in 3Q 2024.
l    YTD 2024 vs. YTD 2023 - Increased primarily due to lower fair value losses on guarantee assets as a result of medium-term interest rate declines and favorable fair value changes on guarantee assets from prepayment rates in YTD 2024.
n    Investment gains, net
l    3Q 2024 vs. 3Q 2023 - Decreased primarily due to impacts from interest-rate risk management activities.
l    YTD 2024 vs. YTD 2023 - Increased primarily due to impacts from interest-rate risk management activities and higher revenues from held-for-sale loan purchase and securitization activities.
(Provision) Benefit for Credit Losses
The table below presents the components of provision for credit losses.
Table 5 - (Provision) Benefit for Credit Losses
ChangeChange
(Dollars in millions)3Q 20243Q 2023$
%(1)
YTD 2024YTD 2023$
%(1)
Single-Family$99 $304 ($205)(67)%($336)$624 ($960)NM
Multifamily92 (41)133 NM(48)(219)171 78 %
(Provision) benefit for credit losses$191 $263 ($72)(27)%($384)$405 ($789)NM
(1)NM - not meaningful.
Key Drivers:
n    3Q 2024 vs. 3Q 2023 - The benefit for credit losses for 3Q 2024 was driven by a credit reserve release in Single-Family as a result of lower mortgage interest rates and a credit reserve release in Multifamily due to enhancements in the credit loss estimation process. The benefit for credit losses for 3Q 2023 was primarily driven by a credit reserve release in Single-Family due to improvements in house prices.
n    YTD 2024 vs. YTD 2023 - The provision for credit losses for YTD 2024 was primarily driven by a credit reserve build in Single-Family attributable to new acquisitions. The benefit for credit losses for YTD 2023 was primarily driven by a credit reserve release in Single-Family due to improvements in house prices, partially offset by a credit reserve build in Multifamily.








Freddie Mac 3Q 2024 Form 10-Q
8

Management's Discussion and AnalysisConsolidated Results of Operations

Non-Interest Expense
The table below presents the components of non-interest expense.
Table 6 - Components of Non-Interest Expense
ChangeChange
(Dollars in millions)3Q 20243Q 2023$%YTD 2024YTD 2023$%
Salaries and employee benefits($424)($418)($6)(1)%($1,265)($1,197)($68)(6)%
Credit enhancement expense(616)(634)18 (1,801)(1,754)(47)(3)
Benefit for (decrease in) credit enhancement recoveries(4)(103)99 96 (10)(162)152 94 
Legislative assessments expense:
Legislated guarantee fees expense(732)(716)(16)(2)(2,184)(2,134)(50)(2)
Affordable housing funds allocation(48)(41)(7)(17)(118)(109)(9)(8)
Total legislative assessments expense(780)(757)(23)(3)(2,302)(2,243)(59)(3)
Other expense(359)(664)305 46 (1,061)(1,356)295 22 
Non-interest expense($2,183)($2,576)$393 15 %($6,439)($6,712)$273 4 %
Key Drivers:
n    Benefit for (decrease in) credit enhancement recoveries
l    3Q 2024 vs. 3Q 2023 and YTD 2024 vs. YTD 2023 - Decreased primarily due to a smaller decrease in expected credit losses on covered loans.
n    Other expense
l    3Q 2024 vs. 3Q 2023 and YTD 2024 vs. YTD 2023 - Decreased primarily due to a $313 million expense accrual for an adverse judgment at trial in 3Q 2023. We did not have a similar litigation accrual in 3Q 2024.
Freddie Mac 3Q 2024 Form 10-Q
9

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)September 30, 2024December 31, 2023$%
Assets:
Cash and cash equivalents$4,857 $6,019 ($1,162)(19)%
Securities purchased under agreements to resell103,110 95,148 7,962 
Investment securities, at fair value43,613 43,275 338 
Mortgage loans held-for-sale11,678 12,941 (1,263)(10)
Mortgage loans held-for-investment3,140,319 3,083,665 56,654 
Accrued interest receivable, net10,561 9,925 636 
Deferred tax assets, net4,730 4,076 654 16 
Other assets23,715 25,927 (2,212)(9)
Total assets$3,342,583 $3,280,976 $61,607 2 %
Liabilities and Equity:
Liabilities:
Accrued interest payable$9,222 $8,812 $410 %
Debt3,265,267 3,208,346 56,921 
Other liabilities11,704 16,096 (4,392)(27)
Total liabilities3,286,193 3,233,254 52,939 2 
Total equity56,390 47,722 8,668 18 
Total liabilities and equity$3,342,583 $3,280,976 $61,607 2 %
Key Drivers:
As of September 30, 2024 compared to December 31, 2023:
n    Securities purchased under agreements to resell increased, driven by a shift from securities sold under agreements to repurchase to debt of Freddie Mac due to lower funding costs. Securities sold under agreements to repurchase are generally offset against securities purchased under agreements to resell on our condensed consolidated balance sheets.
n    Mortgage loans held-for-investment increased primarily due to growth in our Single-Family mortgage portfolio.
n    Debt increased primarily due to an increase in debt of consolidated trusts driven by growth in our Single-Family mortgage portfolio.




Freddie Mac 3Q 2024 Form 10-Q
10

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
September 30, 2024December 31, 2023
(In millions)Single-FamilyMultifamilyTotalSingle-FamilyMultifamilyTotal
Mortgage loans held-for-investment:
By consolidated trusts$2,997,105$60,202$3,057,307$2,963,296$47,433$3,010,729
By Freddie Mac43,91112,50756,41833,21311,77044,983
Total mortgage loans held-for-investment3,041,016 72,709 3,113,725 2,996,509 59,203 3,055,712 
Mortgage loans held-for-sale2,803 9,051 11,854 3,527 9,905 13,432 
Total mortgage loans3,043,819 81,760 3,125,579 3,000,036 69,108 3,069,144 
Mortgage-related guarantees:
Mortgage loans held by nonconsolidated trusts30,287 359,166 389,453 30,182 360,928 391,110 
Other mortgage-related guarantees8,126 11,190 19,316 8,692 10,761 19,453 
Total mortgage-related guarantees38,413 370,356 408,769 38,874 371,689 410,563 
Total mortgage portfolio$3,082,232 $452,116 $3,534,348 $3,038,910 $440,797 $3,479,707 
Guaranteed mortgage-related securities:
Issued by consolidated trusts$3,009,915$60,201$3,070,116$2,970,707$47,436$3,018,143
Issued by nonconsolidated trusts24,684320,710345,39424,600321,262345,862
Total guaranteed mortgage-related securities$3,034,599 $380,911 $3,415,510 $2,995,307 $368,698 $3,364,005 
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 2023 Annual Report.
Freddie Mac 3Q 2024 Form 10-Q
11

Management's Discussion and AnalysisOur Portfolios
The table below presents the details of our mortgage-related investments portfolio.
Table 9 - Mortgage-Related Investments Portfolio
September 30, 2024December 31, 2023
(In millions)Single-FamilyMultifamilyTotalSingle-FamilyMultifamilyTotal
Unsecuritized mortgage loans:
Securitization pipeline loans(1)
$16,243 $15,199 $31,442 $8,225 $15,197 $23,422 
Other loans(2)
30,471 6,359 36,830 28,515 6,478 34,993 
Total unsecuritized mortgage loans46,714 21,558 68,272 36,74021,67558,415
Mortgage-related securities:
Investment securities2,906 4,245 7,151 2,667 4,613 7,280 
Debt of consolidated trusts18,319 637 18,956 18,639 660 19,299 
Total mortgage-related securities21,225 4,882 26,107 21,306 5,273 26,579 
Mortgage-related investments portfolio$67,939 $26,440 $94,379 $58,046 $26,948 $84,994 
10% of notional amount of interest-only securities$22,580$22,186
Mortgage-related investments portfolio for purposes of Purchase Agreement cap116,959107,180
(1)Single-family and multifamily loans that we have purchased for cash and aggregate on our balance sheet for securitization within the normal course of business.
(2)Primarily includes delinquent and modified single-family loans that we have purchased from securitization trusts.
Other Investments Portfolio
The table below presents the details of the carrying value of our other investments portfolio.
Table 10 - Other Investments Portfolio
September 30, 2024December 31, 2023
(In millions)Liquidity and Contingency Operating PortfolioCustodial AccountOtherTotal Other Investments PortfolioLiquidity and Contingency Operating PortfolioCustodial AccountOtherTotal Other Investments Portfolio
Cash and cash equivalents$3,638 $1,106 $113 $4,857 $5,041 $890 $88 $6,019 
Securities purchased under
agreements to resell
89,903 13,429 1,888 105,220 94,904 9,396 1,093 105,393 
Non-mortgage related securities(1)
24,531 — 6,000 30,531 24,153 — 6,119 30,272 
Other assets— — 6,530 6,530 — — 5,555 5,555 
Other investments portfolio$118,072 $14,535 $14,531 $147,138 $124,098 $10,286 $12,855 $147,239 
(1)Primarily consists of U.S. Treasury securities.
Freddie Mac 3Q 2024 Form 10-Q
12

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)38
Segment Net Income
(In billions)72
Freddie Mac 3Q 2024 Form 10-Q
13

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)152
(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)
428
n    3Q 2024 vs. 3Q 2023 and YTD 2024 vs. YTD 2023
l    Our loan purchase and guarantee activity increased as both home purchase and refinance volume increased due to lower 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    Estimated guarantee fee rate calculations are based on month-end market rates for the month of acquisition. The average estimated guarantee fee rate on new acquisitions increased during 3Q 2024 compared to 3Q 2023 due to higher contractual guarantee fee rates and faster estimated prepayment rates based on such month-end market rates. This increase was partially offset by a shift in the business mix of new acquisitions.



Freddie Mac 3Q 2024 Form 10-Q
14

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)120
(1)Estimated guarantee fee rate is calculated as of acquisition and includes deferred fees recognized over the estimated life of the related loans. Estimated guarantee fee rate calculation excludes the legislated guarantee fees and certain loans, the majority of which are held by VIEs that we do not consolidate. The UPB of these excluded loans was $40 billion as of September 30, 2024.
Single-Family Mortgage Loans
(Loan count in millions)537
n    Our Single-Family mortgage portfolio was $3.1 trillion at September 30, 2024, up 2% year-over-year. The mortgage portfolio continued to grow at a moderate pace.
n    The average estimated guarantee fee rate on our Single-Family mortgage portfolio increased slightly year-over-year.
Freddie Mac 3Q 2024 Form 10-Q
15

Management's Discussion and Analysis
Our Business Segments | Single-Family
Credit Enhancements
We obtain credit enhancements on a portion of our Single-Family mortgage portfolio to reduce the risk of future losses to us when borrowers default. The charts below provide the UPB of the mortgage loans acquired during the periods presented that were covered by primary mortgage insurance, the UPB of the mortgage loans covered by CRT transactions issued during the periods presented, and maximum coverage related to these credit enhancements. The primary mortgage insurance and CRT activities presented in these charts are not mutually exclusive as a single loan may be covered by both primary mortgage insurance and CRT transactions.
New Acquisitions Covered by Primary Mortgage Insurance
(In billions)72
New CRT Issuance
(In billions)104
n    3Q 2024 vs. 3Q 2023 and YTD 2024 vs. YTD 2023
l    The UPB of mortgage loans acquired during 3Q 2024 that were covered by primary mortgage insurance increased year-over-year.
l    The UPB of mortgage loans covered by CRT transactions and related maximum coverage issued during the 2024 periods increased due to changes in business strategy in the 2023 periods that increased the timeline between loan acquisition and CRT issuance and resulted in a smaller population of loans that were covered by CRT transactions issued in the 2023 periods.
See MD&A - Risk Management - Single-Family Mortgage Credit Risk - Transferring Credit Risk to Third-Party Investors for additional information on our credit enhancements.
Freddie Mac 3Q 2024 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
ChangeChange
(Dollars in millions)3Q 20243Q 2023$
%(1)
YTD 2024YTD 2023$
%(1)
Net interest income$4,692 $4,534 $158 3%$13,815 $13,125 $690 %
Non-interest income364 393 (29)(7)