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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K


☒			ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2025


☐			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

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 class	Trading Symbol(s)	Name of each exchange on which registered
None	N/A	N/A

Securities registered pursuant to Section 12(g) of the Act:

Voting Common Stock, no par value per share (OTCQB: FMCC)

Variable Rate, Non-Cumulative Preferred Stock, par value $1.00 per share (OTCQB: FMCCI)

5% Non-Cumulative Preferred Stock, par value $1.00 per share (OTCQB: FMCKK)

Variable Rate, Non-Cumulative Preferred Stock, par value $1.00 per share (OTCQB: FMCCG)

5.1% Non-Cumulative Preferred Stock, par value $1.00 per share (OTCQB: FMCCH)

5.79% Non-Cumulative Preferred Stock, par value $1.00 per share (OTCQB: FMCCK)

Variable Rate, Non-Cumulative Preferred Stock, par value $1.00 per share (OTCQB: FMCCL)

Variable Rate, Non-Cumulative Preferred Stock, par value $1.00 per share (OTCQB: FMCCM)

Variable Rate, Non-Cumulative Preferred Stock, par value $1.00 per share (OTCQB: FMCCN)

5.81% Non-Cumulative Preferred Stock, par value $1.00 per share (OTCQB: FMCCO)

6% Non-Cumulative Preferred Stock, par value $1.00 per share (OTCQB: FMCCP)

Variable Rate, Non-Cumulative Preferred Stock, par value $1.00 per share (OTCQB: FMCCJ)

5.7% Non-Cumulative Preferred Stock, par value $1.00 per share (OTCQB: FMCKP)

Variable Rate, Non-Cumulative Perpetual Preferred Stock, par value $1.00 per share (OTCQB: FMCCS)

6.42% Non-Cumulative Perpetual Preferred Stock, par value $1.00 per share (OTCQB: FMCCT)

5.9% Non-Cumulative Perpetual Preferred Stock, par value $1.00 per share (OTCQB: FMCKO)

5.57% Non-Cumulative Perpetual Preferred Stock, par value $1.00 per share (OTCQB: FMCKM)

5.66% Non-Cumulative Perpetual Preferred Stock, par value $1.00 per share (OTCQB: FMCKN)

6.02% Non-Cumulative Perpetual Preferred Stock, par value $1.00 per share (OTCQB: FMCKL)

6.55% Non-Cumulative Perpetual Preferred Stock, par value $1.00 per share (OTCQB: FMCKI)

Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, par value $1.00 per share (OTCQB: FMCKJ)

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒

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

☐

Emerging growth company

☐

Non-accelerated filer

☐

Smaller reporting 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 has filed a report on and attestation to its management's assessment of the effectiveness of internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The aggregate market value of the common stock held by non-affiliates computed by reference to the price at which the common stock was last sold on June 30, 2025 (the last business day of the registrant's most recently completed second fiscal quarter) was $5.4 billion.

As of January 31, 2026, there were 650,059,553 shares of the registrant's common stock outstanding.

DOCUMENTS INCORPORATED BY REFERENCE: None


Table of Contents

Table of Contents


INTRODUCTION			1
n About Freddie Mac			1
n Our Business			5
n Forward-Looking Statements			8
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS			10
n Consolidated Results of Operations			10
n Consolidated Balance Sheets Analysis			16
n Our Portfolios			16
n Our Business Segments			19
n Risk Management			38
l Credit Risk			40
l Market Risk			68
l Operational Risk			73
l Compliance Risk			77
n Liquidity and Capital Resources			78
n Conservatorship and Related Matters			88
n Regulation and Supervision			91
n Critical Accounting Estimates			97
RISK FACTORS			98
LEGAL PROCEEDINGS			118
MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS, AND ISSUER PURCHASES OF EQUITY SECURITIES			119
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA			120
n Report of Independent Registered Public Accounting Firm (PCAOB ID 238)			121
n Consolidated Financial Statements			123
CONTROLS AND PROCEDURES			201
OTHER INFORMATION			203
DIRECTORS, CORPORATE GOVERNANCE, AND EXECUTIVE OFFICERS			204
n Directors			204
n Corporate Governance			207
n Executive Officers			217
EXECUTIVE COMPENSATION			220
n Compensation Discussion and Analysis			220
n Compensation and Risk			233
n CEO Pay Ratio			234
n 2025 Compensation Information for NEOs			235
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS			242
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS			245
PRINCIPAL ACCOUNTING FEES AND SERVICES			247
EXHIBITS AND FINANCIAL STATEMENT SCHEDULES			249
GLOSSARY			250
EXHIBIT INDEX			258
SIGNATURES			264
FORM 10-K INDEX			266


FREDDIE MAC \| 2025 Form 10-K						i


Table of Contents			MD&A Table Index

MD&A TABLE INDEX


Table	Description	Page
1	Summary of Consolidated Statements of Income and Comprehensive Income	10
2	Components of Net Interest Income	11
3	Analysis of Net Interest Yield	12
4	Net Interest Income Rate / Volume Analysis	13
5	Components of Non-Interest Income	14
6	(Provision) Benefit for Credit Losses	14
7	Components of Non-Interest Expense	15
8	Summarized Consolidated Balance Sheets	16
9	Mortgage Portfolio	17
10	Mortgage-Related Investments Portfolio	18
11	Other Investments Portfolio	18
12	Single-Family Housing and Mortgage Market Metrics	27
13	Single-Family Segment Business Results	28
14	Single-Family Segment Financial Results	29
15	Multifamily Housing and Mortgage Market Metrics	35
16	Multifamily Segment Business Results	35
17	Multifamily Segment Financial Results	36
18	Allowance for Credit Losses Activity	41
19	Allowance for Credit Losses Ratios	41
20	Principal Amounts Due for Held-for-Investment Loans	42
21	Single-Family New Business Activity	45
22	Single-Family Mortgage Portfolio Newly Acquired Credit Enhancements	47
23	Single-Family Mortgage Portfolio Credit Enhancement Coverage Outstanding	48
24	Serious Delinquency Rates for Credit-Enhanced and Non-Credit-Enhanced Loans in Our Single-Family Mortgage Portfolio	48
25	Credit Enhancement Coverage by Year of Origination	48
26	Single-Family Mortgage Portfolio Without Credit Enhancement	49
27	Credit Quality Characteristics and Serious Delinquency Rates of Our Single-Family Mortgage Portfolio	51
28	Characteristics of the Loans in Our Single-Family Mortgage Portfolio	52
29	Single-Family Mortgage Portfolio Attribute Combinations	53
30	Seriously Delinquent Single-Family Loans	55
31	Single-Family Completed Loan Workout Activity	56
32	Credit Characteristics of Single-Family Modified Loans	56
33	Payment Performance of Single-Family Modified Loans	57
34	Single-Family Relief Refinance Loans	57
35	Single-Family REO Activity	58
36	Single-Family Collateral Deficiency Ratios	58
37	Percentage of Multifamily New Business Activity With Higher Risk Characteristics	60
38	Multifamily Mortgage Portfolio CRT Issuance	61
39	Credit-Enhanced and Non-Credit-Enhanced Loans Underlying Our Multifamily Mortgage Portfolio	61
40	Single-Family Mortgage Purchases from Non-Depository Sellers	64
41	Single-Family Mortgage Portfolio Non-Depository Servicers	64
42	Single-Family Primary Mortgage Insurers	65
43	Single-Family ACIS Counterparties	66
44	Derivative Counterparty Credit Exposure	67


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Table of Contents			MD&A Table Index


Table	Description	Page
45	Duration Gap and PVS-YC and PVS-L Results Assuming Shifts of the Yield Curve	71
46	Duration Gap and PVS Results	72
47	PVS-L Results Before Derivatives and After Derivatives	72
48	Short-term and Long-term Debt Activity	80
49	Maturity and Redemption Dates	81
50	Debt Issued by Consolidated Trusts	81
51	Net Worth Activity	83
52	Regulatory Capital Components	85
53	Statutory Capital Components	85
54	Capital Metrics Under ERCF	86
55	Freddie Mac Credit Ratings	87
56	2024 and 2023 Affordable Housing Goals Results	93
57	2025 and 2026-2028 Affordable Housing Goal Benchmark Levels	94
58	Forecasted House Price Growth Rates	97
59	Board Compensation Levels	214
60	Director Compensation	215
61	2025 Target TDC	223
62	2025 Deferred Salary	227
63	CEO Pay Ratio	234
64	Summary Compensation Table	235
65	Grants of Plan-Based Awards	237
66	SERP Benefit and SERP II Benefit	238
67	Compensation and Benefits if NEO Terminated Employment as of December 31, 2025	239
68	Stock Ownership by Directors and Executive Officers	243
69	Stock Ownership by Greater-Than 5% Holders	243
70	Auditor Fees	247


FREDDIE MAC \| 2025 Form 10-K						iii


Introduction			About Freddie Mac

Introduction

This Annual Report on Form 10-K 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-K. We undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date of this Form 10-K. 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 Forward-Looking Statements and Risk Factors sections of this Form 10-K.

Throughout this Form 10-K, we use certain acronyms and terms that are defined in the Glossary.

ABOUT FREDDIE MAC

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.

Business Results

Consolidated Financial Results

Net Revenues and Net Income

(In billions)

Net Worth as of December 31,

(In billions)

Key Drivers:

n 2025 vs. 2024

l Net income was $10.7 billion, a decrease of 10% year-over-year, primarily driven by lower net revenues and an increase in the provision for credit losses.

l Net revenues were $23.3 billion, a decrease of 3% year-over-year, driven by lower non-interest income, partially offset by higher net interest income.

l Net worth was $70.4 billion as of December 31, 2025, up from $59.6 billion as of December 31, 2024.


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Introduction			About Freddie Mac

n 2024 vs. 2023

l Net income was $11.9 billion, an increase of 13% year-over-year, primarily driven by higher net revenues, partially offset by a credit reserve build in Single-Family in 2024 compared to a credit reserve release in Single-Family in 2023.

l Net revenues were $23.9 billion, up 13% year-over-year, driven by higher net interest income and higher non-interest income.

l Net worth was $59.6 billion as of December 31, 2024, up from $47.7 billion as of December 31, 2023.

Market Liquidity

Market Liquidity

(In thousands)

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 $465 billion in liquidity to the mortgage market in 2025, which enabled the financing of 1.7 million home purchases, refinancings, and rental units.


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Introduction			About Freddie Mac

Portfolio Balances

Mortgage Portfolio as of December 31,

(UPB in billions)

Key Drivers:

n 2025 vs. 2024

l Our mortgage portfolio increased 2% year-over-year to $3.7 trillion at December 31, 2025, continuing to grow at a moderate pace.

–Our Single-Family mortgage portfolio was $3.2 trillion at December 31, 2025, up 2% year-over-year.

–Our Multifamily mortgage portfolio was $496 billion at December 31, 2025, up 6% year-over-year.

n 2024 vs. 2023

l Our mortgage portfolio increased 3% year-over-year to $3.6 trillion at December 31, 2024, continuing to grow at a moderate pace.

–Our Single-Family mortgage portfolio was $3.1 trillion at December 31, 2024, up 2% year-over-year.

–Our Multifamily mortgage portfolio was $467 billion at December 31, 2024, up 6% year-over-year.

Conservatorship and Government Support for Our Business

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 in consideration for Treasury's commitment to provide funding to us. The 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 that the support provided by Treasury pursuant to the Purchase Agreement currently enables us to have adequate liquidity to conduct normal business activities.

The Purchase Agreement with Treasury significantly affects our business activities, including by limiting: our secondary market activities; our single-family loan acquisitions; the amount of indebtedness we can incur; the size of our mortgage-related investments portfolio; and our ability to pay dividends, transfer certain assets, raise capital, pay down the liquidation preference of the senior preferred stock, and our exit from conservatorship.


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Introduction			About Freddie Mac

Treasury, as the holder of the senior preferred stock, is entitled to receive cumulative quarterly cash dividends, when, as, and if declared by the Board of Directors. The dividends we have paid to Treasury on the senior preferred stock have been declared by, and paid at the direction of, the Conservator, acting as successor to the rights, titles, powers, and privileges of the Board of Directors.

Pursuant to the January 2021 Letter Agreement amending 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 net worth to meet the capital requirements and buffers set forth in the ERCF. As the company builds capital during this period, increases in our Net Worth Amount have been, or will be, added to the aggregate liquidation preference of the senior preferred stock. To the extent our Net Worth Amount exceeds capital requirements and buffers set forth in the ERCF, dividends on the senior preferred stock will be payable to Treasury. After we have maintained the level of capital prescribed in the Purchase Agreement for the requisite time, we will be subject to a new periodic cash dividend requirement, as well as a periodic commitment fee to be agreed upon with Treasury in consultation with the Chairman of the Federal Reserve. While Freddie Mac is required to comply with the ERCF as it is amended from time to time pursuant to the January 2025 Letter Agreement, compliance with certain provisions of the ERCF is suspended during conservatorship. See MD&A - Liquidity and Capital Resources - Capital Resources - ERCF for additional information.

See MD&A - Regulation and Supervision and Note 2 for additional information on the Purchase Agreement, senior preferred stock, and warrant and Risk Factors - Conservatorship and Related Matters for related risks.

The charts below show our net worth, the liquidation preference of the senior preferred stock, the remaining amount of Treasury's funding commitment to us, the cumulative senior preferred stock dividends we have paid to Treasury, and the cumulative funds we have drawn from Treasury pursuant to its funding commitment.

Net Worth, Liquidation Preference, and Treasury Funding Commitment

(In billions)

Draws and Dividend Payments

(In billions)


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Introduction			Our Business

OUR BUSINESS

Primary Business Strategies

Freddie Mac's overall strategic direction is recommended by management and affirmed by the Board of Directors and FHFA through the approval of our Strategic Framework, which sets forth our strategic priorities and generally covers a three-year timeframe. FHFA, the Administration, or Congress could take actions that cause us to alter our Strategic Framework. FHFA, as Conservator, has influenced, and may in the future influence, our strategic direction, such as through our new initiatives, credit and pricing policies, and capital, liquidity, and risk appetite constraints.

Our Charter and Mission

We are a GSE with a specific and limited corporate purpose to support the liquidity, stability, and affordability of the U.S. housing market as a participant in the secondary mortgage market, while operating as a commercial enterprise earning an appropriate return. All actions we take must be conducted within the constraints of our Charter.

As a result, our Charter forms the framework for our business activities. Pursuant to our Charter, our role in the secondary mortgage market is to:

n Provide stability in the secondary mortgage market for residential loans;

n Respond appropriately to the private capital market;

n Provide ongoing assistance to the secondary mortgage market for residential loans (including activities relating to loans for low- and moderate-income families involving a reasonable economic return that may be less than the return earned on other activities) by increasing the liquidity of mortgage investments and improving the distribution of investment capital available for residential mortgage financing; and

n Promote access to mortgage loan credit throughout the United States (including central cities, rural areas, and other underserved areas) by increasing the liquidity of mortgage investments and improving the distribution of investment capital available for residential mortgage financing.

Our Charter requires certain specified credit protections, which include mortgage insurance from a qualified insurer on the portion of the UPB of the loan that exceeds an 80% LTV ratio, a seller's agreement to repurchase or replace a defaulted loan, or the retention by the seller of at least a 10% participation interest in the loan for the purchase of first-lien single-family loans with LTV ratios at the time of purchase of greater than 80%. This Charter requirement does not apply to multifamily loans or to loans that have the benefit of any guarantee, insurance, or other obligation by the U.S. or any of its agencies or instrumentalities (e.g., the FHA, VA, or USDA Rural Development).

Our Charter does not permit us to originate mortgage loans or lend money directly to mortgage borrowers in the primary mortgage market. Our Charter limits our purchase of single-family loans to the conforming loan market, which consists of loans originated with UPBs at or below limits determined annually based on changes in FHFA's housing price index. In most of the U.S., the maximum conforming loan limit for a one-family residence has been set at $832,750 for 2026, an increase from $806,500 for 2025, $766,550 for 2024, and $726,200 for 2023. Higher limits have been established in certain "high-cost" areas (for 2026, up to $1,249,125 for a one-family residence). Higher limits also apply to two- to four-family residences and to one- to four-family residences in Alaska, Guam, Hawaii, and the U.S. Virgin Islands.

Human Capital Management

Attracting, Developing, and Retaining Talent

Freddie Mac is committed to attracting, developing and retaining top talent, fostering a culture where employees are engaged, empowered and driven to make home possible for hundreds of thousands of families every year. We invest in our human capital, supporting leadership capabilities, career growth and development, and innovation to enable our workforce to deliver meaningful impact for our business and the nation’s housing finance system.

We offer benefits that are designed to support our employees and provide them with the ability to develop their careers and care for their families as well as to plan for their financial well-being.

Our professional development opportunities include in-person and virtual courses on various topics, such as leadership, business, communications, technology, and individual skill development; and our educational assistance program.

We also strive to implement competitive compensation programs and practices within the constraints of the conservatorship. We evaluate the success of our human capital management by measuring and monitoring the performance, development, retention, and engagement of our employees.


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Introduction			Our Business

Employees

At January 31, 2026, we had 7,334 full-time and 21 part-time employees. Our headquarters are in McLean, Virginia, and the majority of our employees reside in the Washington, D.C. metropolitan area.

Board and FHFA Oversight

We engage with the CMD Committee by providing workforce insights that support their oversight of compensation and benefits, employee experience, and strategies to strengthen our culture. Although the CMD Committee plays a role in these matters, FHFA is actively involved in its role as both our conservator and regulator. For additional information, see Directors, Corporate Governance, and Executive Officers - Corporate Governance - Board and Board Committee Information - Authority of the Board and Board Committees.

Business Segments

We have two reportable segments: Single-Family and Multifamily. For additional information on our segments, see MD&A - Our Business Segments and Note 14.

Properties

Our principal offices consist of four office buildings we own in McLean, Virginia, comprising approximately 1.3 million square feet. We operate our business in the United States and its territories, and accordingly, we generate no revenue from and have no long-lived assets, other than financial instruments, in geographic locations other than the United States and its territories.

Government Regulation and Supervision

Our business is subject to extensive laws, regulations, and supervision. The laws and regulations to which we are subject cover all key aspects of our business, and directly and indirectly impact the key drivers of our results including, for example, our product offerings, guarantee fees, pricing, competitive position and strategic priorities, relationship with sellers and servicers, capital structure, cash needs and uses, liquidity, privacy for borrowers and others, risk management, cybersecurity, and costs of compliance. Failure to comply with our legal and regulatory requirements could result in litigation, investigations, enforcement actions, fines, monetary and other penalties, and harm to our reputation. Our business and results of operations may also be directly and adversely affected by future legislative, regulatory, or judicial actions. Such actions could affect us in a number of ways, including by imposing significant additional legal, compliance, and other costs on us and limiting our business activities. For example, changes to our capital requirements have affected our business and risk management strategies, including our risk appetite, our risk-adjusted returns, and the impact of our CRT transactions on our capital needs, and have increased the amount of capital we will be required to retain or raise to exit from conservatorship.

In addition, our conservatorship and related matters significantly affect our management, business activities, financial condition, and results of operations. We are under the control of FHFA, as our Conservator, and are not managed to maximize stockholder returns. FHFA determines our strategic direction. We face a variety of different, and sometimes competing, business objectives and FHFA-mandated activities. FHFA has required us to make changes to our business that have adversely affected our financial results and could require us to make additional changes at any time. FHFA may require us to undertake activities that reduce our profitability, expose us to additional credit, market, funding, operational, legal, and other risks, or provide additional support for the mortgage market that serves our mission but adversely affects our financial results. Further, we can be put into receivership at the discretion of the Director of FHFA at any time, consistent with the GSE Act and the Purchase Agreement, to the extent applicable by law.

FHFA is also Conservator of Fannie Mae, our primary competitor. FHFA’s actions, as Conservator of both companies, could affect competition between us. It is also possible that FHFA could require us and Fannie Mae to take a uniform approach to certain activities, limiting innovation and competition, and possibly putting us at a competitive disadvantage because of differences in our respective businesses. FHFA also could limit our ability to compete with new entrants and other institutions. For additional information on conservatorship and related risks, see Introduction – About Freddie Mac – Conservatorship and Government Support for Our Business and Risk Factors – Conservatorship and Related Matters.

For additional information on government regulation and supervision and related risks, see MD&A - Regulation and Supervision and Risk Factors - Legal and Compliance Risks.


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Introduction			Our Business

Available Information

We file reports and other information with the SEC. In view of the Conservator's succession to all of the voting power of our stockholders, we have not prepared or provided proxy statements for the solicitation of proxies from stockholders since we entered into conservatorship, and do not expect to do so while we remain in conservatorship. Pursuant to SEC rules, our annual reports on Form 10-K contain certain information typically provided in an annual proxy statement.

We make available, free of charge through our website at www.freddiemac.com/investors, our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and all other SEC reports and amendments to those reports as soon as reasonably practicable after we electronically file the material with the SEC. The SEC also maintains a website (www.sec.gov) that contains reports, proxy and information statements, and other information regarding companies that file electronically with the SEC.

We are providing our website addresses and the website address of the SEC here and elsewhere in this Form 10-K solely for your information. Information appearing on our website or on the SEC's website is not incorporated into this Form 10-K.

We provide information on the ERCF on our website at www.freddiemac.com/investors.

We provide disclosure about our debt securities on our website at capitalmarkets.freddiemac.com/debt. From this address, investors can access the offering circular and issuance information for debt securities offerings under Freddie Mac's global debt facility, including any required pricing supplements for individual issuances of debt securities. Similar information about our STACR® transactions and MSCR transactions is available at capitalmarkets.freddiemac.com/crt and mf.freddiemac.com/investors, respectively.

We provide disclosure about our mortgage-related securities, some of which are off-balance sheet obligations (e.g., K Certificates), on our website at www.freddiemac.com/mbs and mf.freddiemac.com/investors. From these addresses, investors can access information and documents, including offering circulars and offering circular supplements, for mortgage-related securities offerings.

We provide additional information, including product descriptions, investor presentations, securities issuance calendars, transaction volumes and details, redemption notices, Freddie Mac research, and material developments or other events that may be important to investors, in each case as applicable, on the websites for our business divisions, which can be found at sf.freddiemac.com, mf.freddiemac.com, and capitalmarkets.freddiemac.com/capital-markets.


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Introduction			Forward-Looking Statements

FORWARD-LOOKING STATEMENTS

We regularly communicate information concerning our business activities to investors, the news media, securities analysts, and others as part of our normal operations. Some of these communications, including this Form 10-K, contain "forward-looking statements." Examples of forward-looking statements include, but are not limited to, statements pertaining to the conservatorship, our current expectations and objectives for the Single-Family and Multifamily segments of our business, our efforts to assist the housing market, our liquidity and capital management, economic and market conditions and trends including, but not limited to, changes in house prices and house price forecasts, our market coverage, the effect of legislative and regulatory developments, judicial rulings, and new accounting guidance, the credit quality of loans we own or guarantee, the costs and benefits of our CRT transactions, the impact of banking crises or failures, the effects of natural disasters or catastrophic events and actions taken in response thereto on our business, and our results of operations and financial condition. Forward-looking statements involve known and unknown risks and uncertainties, some of which are beyond our control. Forward-looking statements are often accompanied by, and identified with, terms such as "could," "may," "will," "believe," "expect," "anticipate," "forecast," and similar phrases. These statements are not historical facts, but rather represent our expectations based on current information, plans, judgments, assumptions, estimates, and projections. Actual results may differ significantly from those described in or implied by such forward-looking statements due to various factors and uncertainties, including those described in the Risk Factors section of this Form 10-K and:

n The actions the federal government (including FHFA, Treasury, the executive branch, and Congress) and state governments may take, require us to take, or restrict us from taking, including actions regarding our operations, conservatorship, access to affordable and sustainable housing, such as programs to implement the expectations in FHFA's Conservatorship Scorecards, and other objectives for us;

n The impacts of a transaction involving us and Fannie Mae, including a public offering of our equity securities while in conservatorship or outside of conservatorship, and the potential for our exit from conservatorship;

n Changes in economic and market conditions, including trade laws or policies such as tariffs, volatility in the financial services industry, changes in employment rates, immigration policy, inflation, interest rates, spreads, and house prices;

n Changes in the fiscal and monetary policies of the Federal Reserve, including changes in target interest rates and in the amount of agency MBS and agency CMBS held by the Federal Reserve;

n The effect of the restrictions on our business due to the conservatorship and the Purchase Agreement including any amendments thereto;

n The impact of any changes in our credit ratings or those of the U.S. government;

n Changes in our Charter, applicable legislative or regulatory requirements (including any legislative or executive action affecting the future status of our company), or the Purchase Agreement;

n Changes to our capital requirements and potential effects of such changes on our business strategies;

n Changes in tax laws;

n Changes in privacy and cybersecurity laws and regulations;

n Changes in accounting policies, practices, standards, or guidance;

n Changes in the U.S. mortgage market, including the supply of houses available for sale, the supply of multifamily rental housing, and changes in the supply and type of loan products;

n The success of our efforts to mitigate our losses;

n The success of our strategy to transfer mortgage credit risk;

n Our ability to maintain adequate liquidity to fund our operations;

n Our ability to maintain the security and resiliency of our operational systems and infrastructure, including against cybersecurity incidents or other security incidents, whether due to insider error or malfeasance or system errors or vulnerabilities in our or our third parties' systems;

n Our ability to effectively execute our business strategies, implement significant changes, and improve efficiency;

n The adequacy of our risk management framework, including the adequacy of our regulatory capital framework prescribed by FHFA and internal models for measuring risk;

n Our ability to manage mortgage credit risk, including the effect of changes in underwriting and servicing practices;

n Changes in credit reporting at the credit reporting bureaus due to regulatory and legal developments, as well as lender practices;

n Our ability to limit or manage our economic exposure and GAAP earnings exposure to interest-rate volatility and spread volatility, including the availability of derivative financial instruments needed for interest-rate and spread risk management purposes and our ability to apply hedge accounting;

n Our operational ability to issue new securities, make timely and correct payments on securities, and provide initial and ongoing disclosures;

n Our reliance on U.S. FinTech and the mortgage securitization platform for the operation of the majority of our Single-Family securitization activities, limits on our influence over U.S. FinTech Board decisions, and any additional changes FHFA may


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Introduction			Forward-Looking Statements

require in our relationship with, or support of, U.S. FinTech;

n Performance of and changes in the methodologies, models, assumptions, and estimates we use to prepare our financial statements, make business decisions, and manage risks;

n Changes in investor demand for our debt or mortgage-related securities;

n Our ability to maintain market acceptance of the UMBS, including our ability to maintain alignment of the prepayment speeds and pricing performance of our and Fannie Mae's respective UMBS;

n Changes in the practices or performance of loan originators, servicers, property managers, investors, insurers, and other participants in the secondary mortgage market, including changes as a result of the use and/or regulation of AI technologies or other emerging technologies;

n Competition from other market participants, which could affect the pricing we offer for and the performance of our mortgage-related products, the credit characteristics of the loans we purchase, and our ability to meet our affordable housing goals and other mandated activities;

n The availability of critical third parties or their vendors and other business partners, to deliver products or services, or to manage risks, including cybersecurity risk, effectively;

n The occurrence of a catastrophic event or natural disaster in areas in which our offices, significant portions of our total mortgage portfolio, or the offices of critical third parties are located, and for which we may be uninsured or significantly underinsured; and

n Other factors and assumptions described in this Form 10-K, including in the MD&A section.

Forward-looking statements are made only as of the date of this Form 10-K, and we undertake no obligation to update any forward-looking statements we make to reflect events or circumstances occurring after the date of this Form 10-K.


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Management's Discussion and Analysis			Consolidated Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations

CONSOLIDATED RESULTS OF OPERATIONS

This discussion of our consolidated results of operations should be read in conjunction with our consolidated financial statements and accompanying notes.

The table below compares our consolidated results of operations for the past three years.

Table 1 - Summary of Consolidated Statements of Income and Comprehensive Income


				Year Over Year Change
	Year Ended December 31,			2025 vs. 2024		2024 vs. 2023
(Dollars in millions)	2025	2024	2023	$	%	$	%
Net interest income	$21,403	$19,737	$18,542	$1,666	8%	$1,195	6%
Non-interest income	1,868	4,175	2,687	(2,307)	(55)	1,488	55
Net revenues	23,271	23,912	21,229	(641)	(3)	2,683	13
(Provision) benefit for credit losses	(1,290)	(476)	872	(814)	(171)	(1,348)	NM
Non-interest expense	(8,620)	(8,658)	(8,902)	38	—	244	3
Income before income tax expense	13,361	14,778	13,199	(1,417)	(10)	1,579	12
Income tax expense	(2,630)	(2,920)	(2,661)	290	10	(259)	(10)
Net income	10,731	11,858	10,538	(1,127)	(10)	1,320	13
Other comprehensive income (loss), net of taxes and reclassification adjustments	78	(5)	166	83	NM	(171)	NM
Comprehensive income	$10,809	$11,853	$10,704	($1,044)	(9)%	$1,149	11%

See MD&A - Critical Accounting Estimates for information concerning certain significant accounting policies and estimates applied in determining our reported results of operations and Note 1 for a summary of our accounting policies and the related notes in which information about them can be found.

During 2025, we changed our Multifamily business strategy to primarily issue fully guaranteed securitizations instead of senior subordinate securitizations. In a senior subordinate securitization, we generally treat securitized loans as sold, record guarantee fees as guarantee income, transfer first-loss risk to third-party investors, and record credit losses only when expected losses exceed the subordination amount. In a fully guaranteed securitization, we retain the securitized loans on our consolidated balance sheet, record guarantee fees in net interest income, and retain all associated credit risk, resulting in an allowance for expected credit losses on the full loan balance. We subsequently reduce our exposure to this credit risk through MCIP and MSCR note transactions. This change impacts our consolidated results of operations and the financial results of our Multifamily segment, as discussed further below.

Net Revenues

Net Interest Income

Net interest income primarily consists of guarantee net interest income. We consolidate most of our securitization trusts and, therefore, we recognize the loans held by the trust and the debt securities issued by the trust on our consolidated balance sheets. The difference between the interest income on these loans and the interest expense on the related debt securities primarily represents the guarantee fees we receive as compensation for our guarantee of the principal and interest payments of the issued debt securities. Guarantee net interest income includes two components:

n Contractual net interest income, which represents the ongoing monthly guarantee fee we receive for managing the credit risk associated with mortgage loans held by consolidated trusts, including the legislated guarantee fees that we are required to remit to Treasury and

n Deferred fee income, which primarily consists of recognition of premiums and discounts on mortgage loans and debt issued by consolidated trusts and the fees that we receive or pay when we acquire single-family loans. These amounts are recognized in net interest income based on the effective yield over the contractual life of the associated financial


FREDDIE MAC \| 2025 Form 10-K						10


Management's Discussion and Analysis			Consolidated Results of Operations

instrument and may vary significantly from period to period, primarily based on changes in actual prepayments on the underlying loans.

Due to the change in our Multifamily business strategy, we expect the amount of guarantee net interest income from our Multifamily segment to increase in future periods.

Net interest income also includes investments net interest income, which primarily consists of the difference between the interest income earned on the assets in our investments portfolio and the interest expense incurred on the liabilities used to fund those assets, and the impact on net interest income from hedge accounting, which primarily consists of amortization of previously deferred hedge accounting basis adjustments and the earnings mismatch on qualifying fair value hedge relationships. See Note 9 for additional information on hedge accounting.

The table below presents the components of net interest income.

Table 2 - Components of Net Interest Income


				Year Over Year Change
	Year Ended December 31,			2025 vs. 2024		2024 vs. 2023
(Dollars in millions)	2025	2024	2023	$	%	$	%
Guarantee net interest income:
Contractual net interest income	$16,102	$15,338	$14,753	$764	5%	$585	4%
Deferred fee income	795	773	1,012	22	3	(239)	(24)
Total guarantee net interest income	16,897	16,111	15,765	786	5	346	2
Investments net interest income	5,383	6,032	6,280	(649)	(11)	(248)	(4)
Impact on net interest income from hedge accounting	(877)	(2,406)	(3,503)	1,529	64	1,097	31
Net interest income	$21,403	$19,737	$18,542	$1,666	8%	$1,195	6%

Key Drivers:

n Guarantee net interest income

l 2025 vs. 2024 - Increased primarily due to continued mortgage portfolio growth in Single-Family and an increase in the volume of fully guaranteed securitizations in Multifamily.

l 2024 vs. 2023 - Increased primarily due to continued mortgage portfolio growth.

n Investments net interest income

l 2025 vs. 2024 - Decreased primarily due to lower income from securities purchased under agreements to resell driven by a decrease in short-term interest rates.

l 2024 vs. 2023 - Decreased primarily due to higher debt expense from issuance of higher yielding debt, partially offset by the impact of the increase in non-interest bearing funding.

n Impact on net interest income from hedge accounting

l 2025 vs. 2024 - Decreased due to lower expense related to debt in hedge accounting relationships.

l 2024 vs. 2023 - Decreased due to lower expense related to debt in hedge accounting relationships.


FREDDIE MAC \| 2025 Form 10-K						11


Management's Discussion and Analysis			Consolidated Results of Operations

Net Interest Yield Analysis

The table below presents an analysis of interest-earning assets and interest-bearing liabilities. To calculate the average balances, we generally use a daily weighted average of amortized cost. When daily average balance information is not available, such as for mortgage loans, we use monthly averages. Mortgage loans on non-accrual status, where interest income is generally recognized when collected, are included in the average balances.

Table 3 - Analysis of Net Interest Yield


	Year Ended December 31,
	2025				2024				2023
(Dollars in millions)	Average Balance	Interest Income (Expense)	Average Rate		Average Balance	Interest Income (Expense)	Average Rate		Average Balance	Interest Income (Expense)	Average Rate
Interest-earning assets:
Cash and cash equivalents	$9,073	$282	3.11	%	$10,979	$445	4.05	%	$13,466	$532	3.95	%
Securities purchased under agreements to resell	104,090	4,573	4.39		114,028	6,083	5.34		118,579	6,135	5.17
Investment securities	75,465	3,337	4.42		45,498	2,069	4.55		40,481	1,571	3.88
Mortgage loans held by consolidated trusts(1)	3,152,223	118,008	3.74		3,066,496	106,162	3.46		3,001,723	94,187	3.14
Mortgage loans held by Freddie Mac(1)	75,813	3,465	4.57		63,024	2,955	4.69		59,915	2,798	4.67
Other assets	2,867	155	5.40		2,414	163	6.75		2,479	140	5.65
Total interest-earning assets	3,419,531	129,820	3.80		3,302,439	117,877	3.57		3,236,643	105,363	3.25
Interest-bearing liabilities:
Debt issued by consolidated trusts	3,145,338	(99,180)	(3.15)		3,062,029	(88,227)	(2.88)		2,997,841	(76,703)	(2.56)
Short-term debt	24,191	(1,018)	(4.15)		11,089	(578)	(5.13)		7,703	(388)	(4.96)
Long-term debt	171,861	(7,962)	(4.63)		164,096	(8,947)	(5.45)		176,556	(9,329)	(5.28)
Securities sold under agreements to repurchase	6,102	(257)	(4.20)		7,521	(388)	(5.16)		8,251	(401)	(4.87)
Total interest-bearing liabilities	3,347,492	(108,417)	(3.24)		3,244,735	(98,140)	(3.02)		3,190,351	(86,821)	(2.72)


Net interest income/yield		$21,403	0.63	%		$19,737	0.60	%		$18,542	0.57	%

(1) Loan fees included in interest income were $1.2 billion, $1.1 billion, and $1.0 billion for mortgage loans held by consolidated trusts and $0.1 billion, $0.0 billion, and $0.1 billion for mortgage loans held by Freddie Mac during 2025, 2024, and 2023, respectively.


FREDDIE MAC \| 2025 Form 10-K						12


Management's Discussion and Analysis			Consolidated Results of Operations

Net Interest Income Rate / Volume Analysis

The table below presents a rate and volume analysis of our net interest income. Our net interest income reflects the reversal of interest income accrued, net of interest received on a cash basis, related to mortgage loans that are on non-accrual status.

Table 4 - Net Interest Income Rate / Volume Analysis


	Variance Analysis
	2025 vs. 2024			2024 vs. 2023
(In millions)	Rate(1)	Volume(1)	Total Change	Rate(1)	Volume(1)	Total Change
Interest-earning assets:
Cash and cash equivalents	($74)	($89)	($163)	$50	($137)	($87)
Securities purchased under agreements to resell	(1,012)	(498)	(1,510)	192	(244)	(52)
Investment securities	47	1,221	1,268	312	186	498
Mortgage loans held by consolidated trusts	8,821	3,025	11,846	9,910	2,065	11,975
Mortgage loans held by Freddie Mac	(76)	586	510	11	146	157
Other assets	(44)	36	(8)	8	15	23
Total interest-earning assets	7,662	4,281	11,943	10,483	2,031	12,514
Interest-bearing liabilities:
Debt issued by consolidated trusts	(8,502)	(2,451)	(10,953)	(9,852)	(1,672)	(11,524)
Short-term debt	130	(570)	(440)	(15)	(175)	(190)
Long-term debt	1,393	(408)	985	(292)	674	382
Securities sold under agreements to repurchase	65	66	131	(24)	37	13
Total interest-bearing liabilities	(6,914)	(3,363)	(10,277)	(10,183)	(1,136)	(11,319)
Net interest income	$748	$918	$1,666	$300	$895	$1,195

(1) The total change variances are allocated between rate and volume based on the relative size of each variance.

Non-Interest Income

Non-interest income primarily consists of guarantee income and investment gains, net.

Guarantee income relates primarily to our Multifamily senior subordinate securitizations. We generally do not consolidate the trusts used in these transactions and therefore do not recognize the loans held by the trust or the debt securities issued by the trust on our consolidated balance sheets. Rather, we separately account for our guarantee to the trust and recognize the revenue from our guarantee as guarantee income. Guarantee income includes the amortization of our guarantee obligation as we are released from risk under our guarantee and changes in fair value of our guarantee assets, net of contractual guarantee fees received. Due to the change in our Multifamily business strategy, we expect guarantee income to decline in future periods as we focus primarily on issuing fully guaranteed securities.

Net investment gains consist of revenues from sales of multifamily loans and single-family delinquent and reperforming loans, gains and losses on investment securities, gains and losses from debt extinguishments and debt recorded at fair value, and gains and losses from interest-rate risk management activities. Net investment gains can vary significantly from period-to-period based on the volume and nature of our investment, funding, and hedging activities and changes in market conditions, such as interest rates and market spreads. Due to the change in our Multifamily business strategy, we expect net investment gains related to sales of multifamily loans to be lower in future periods as we focus primarily on issuing fully guaranteed securitizations.

Derivative instruments are a key component of our interest-rate risk management strategy. We use derivatives to economically hedge the interest-rate risk of our financial assets and liabilities and manage our exposure to interest-rate risk on an economic basis to a low level as measured by our models. We align our derivatives portfolio to economically hedge the changing duration of our assets and liabilities and apply fair value hedge accounting to certain single-family mortgage loans and debt to reduce our GAAP earnings variability. As a result, interest-rate-related fair value gains and losses that we recognize on financial instruments that we measure at fair value generally have offsetting impacts from the derivative instruments that we use to economically hedge interest-rate risk. For additional information about our interest-rate risk management activities and the sensitivity of reported GAAP earnings to those activities, see MD&A - Risk Management - Market Risk. For additional information on derivative instruments, see Note 9.


FREDDIE MAC \| 2025 Form 10-K						13


Management's Discussion and Analysis			Consolidated Results of Operations

The table below presents the components of non-interest income.

Table 5 - Components of Non-Interest Income


				Year Over Year Change
	Year Ended December 31,			2025 vs. 2024			2024 vs. 2023
(Dollars in millions)	2025	2024	2023	$	%		$	%
Guarantee income	$1,592	$1,611	$1,615	($19)	(1)	%	($4)	—	%
Investment gains (losses), net	(209)	2,076	707	(2,285)	NM		1,369	194
Other income	485	488	365	(3)	(1)		123	34
Non-interest income	$1,868	$4,175	$2,687	($2,307)	(55)	%	$1,488	55	%

Key Drivers:

n Investment gains (losses), net

l 2025 vs. 2024 - Decreased primarily due to interest rate and spread changes in Single-Family, as well as lower revenues from held-for-sale loan purchase and securitization activities and impacts from interest-rate risk management activities in Multifamily.

l 2024 vs. 2023 - Increased primarily due to higher revenues from held-for-sale loan purchase and securitization activities, lower realized losses on sales of available-for-sale securities, and net impacts from index lock activities.

(Provision) Benefit for Credit Losses

Our provision for credit losses relates primarily to loans held-for-investment and can vary substantially from period to period based on a number of factors, such as changes in estimated market values of single-family properties based on our internal house price index, changes in forecasted house price growth rates, changes in interest rates, borrower prepayments and delinquency rates, changes in the nature and volume of our CRT activities, events such as natural disasters and pandemics, the type and volume of our loss mitigation and foreclosure activity, and government assistance provided to borrowers. See MD&A - Critical Accounting Estimates for additional information.

The table below presents the components of provision for credit losses.

Table 6 - (Provision) Benefit for Credit Losses


				Year Over Year Change
	Year Ended December 31,			2025 vs. 2024		2024 vs. 2023
(Dollars in millions)	2025	2024	2023	$	%	$	%
Single-Family	($758)	($374)	$1,172	($384)	(103)%	($1,546)	NM
Multifamily	(532)	(102)	(300)	(430)	(422)	198	66
(Provision) benefit for credit losses	($1,290)	($476)	$872	($814)	(171)%	($1,348)	NM

Key Drivers:

n 2025 vs. 2024 - The provision for credit losses for 2025 was primarily driven by a credit reserve build in Single-Family attributable to new acquisitions, changes in estimated market values of single-family properties based on our internal house price index, and changes in forecasted house price growth rates. The provision for credit losses in 2025 was also driven by a credit reserve build in Multifamily attributable to new loan purchase commitment and acquisition activities due to the change in our Multifamily business strategy and deterioration in the credit performance of certain delinquent loans. The provision for credit losses for 2024 was primarily driven by a credit reserve build in Single-Family attributable to new acquisitions.

n 2024 vs. 2023 - The provision for credit losses for 2024 was primarily driven by a credit reserve build in Single-Family attributable to new acquisitions. The benefit for credit losses for 2023 was primarily driven by a credit reserve release in Single-Family due to improvements in house prices.


FREDDIE MAC \| 2025 Form 10-K						14


Management's Discussion and Analysis			Consolidated Results of Operations

Non-Interest Expense

Non-interest expense consists of salaries and employee benefits, professional services, technology, and occupancy, credit enhancement expense, legislative and regulatory assessments, and other expenses we incur to run our business.

Credit enhancement expense includes the premiums and other costs related to certain CRT transactions that are accounted for as freestanding contracts, primarily STACR and ACIS transactions in Single-Family.

Legislative and regulatory assessments relate to three fees: (1) the legislated guarantee fees on single-family loans that we are required to remit to Treasury, (2) the fee imposed on Freddie Mac's total new business purchases that is allocated to certain affordable housing funds and remitted to Treasury and HUD, and (3) the FHFA regulatory assessment. The legislated guarantee fees relate to the 10 bps increase in guarantee fees implemented at the direction of FHFA pursuant to the Temporary Payroll Tax Cut Continuation Act of 2011 as extended by the Infrastructure Investment and Jobs Act of 2021. The affordable housing funds allocation relates to the GSE Act requirement to set aside in each fiscal year an amount equal to 4.2 bps of each dollar of total new business purchases, and pay such amount to certain housing funds. We are prohibited from passing through the costs of the affordable housing funds allocation to the originators of the loans that we purchase. The regulatory assessment relates to FHFA's annual assessment on regulated entities, including Freddie Mac. The assessment, which is required under the GSE Act, is for FHFA's costs and expenses, as well as to maintain FHFA's working capital.

The table below presents the components of non-interest expense.

Table 7 - Components of Non-Interest Expense


				Year Over Year Change
	Year Ended December 31,			2025 vs. 2024		2024 vs. 2023
(Dollars in millions)	2025	2024	2023	$	%	$	%
Salaries and employee benefits	($1,711)	($1,677)	($1,606)	($34)	(2)%	($71)	(4)%
Professional services, technology, and occupancy	(1,175)	(1,166)	(1,189)	(9)	(1)	23	2
Credit enhancement expense	(2,082)	(2,345)	(2,339)	263	11	(6)	—
Legislative and regulatory assessments:
Legislated guarantee fees expense	(2,994)	(2,923)	(2,856)	(71)	(2)	(67)	(2)
Affordable housing funds allocation	(195)	(173)	(146)	(22)	(13)	(27)	(18)
Regulatory assessment	(134)	(137)	(129)	3	2	(8)	(6)
Total legislative and regulatory assessments	(3,323)	(3,233)	(3,131)	(90)	(3)	(102)	(3)
Other expense	(329)	(237)	(637)	(92)	(39)	400	63
Non-interest expense	($8,620)	($8,658)	($8,902)	$38	—%	$244	3%

Key Drivers:

n Credit enhancement expense

l 2025 vs. 2024 - Decreased primarily due to a lower volume of outstanding CRT transactions in Single-Family and lower losses on STACR Trust note repurchases.


FREDDIE MAC \| 2025 Form 10-K						15


Management's Discussion and Analysis			Consolidated Balance Sheets Analysis

CONSOLIDATED BALANCE SHEETS ANALYSIS

The table below compares our summarized consolidated balance sheets.

Table 8 - Summarized Consolidated Balance Sheets


	December 31,		Year Over Year Change
(Dollars in millions)	2025	2024	$	%
Assets:
Cash and cash equivalents	$5,327	$5,534	($207)	(4)	%
Securities purchased under agreements to resell	71,919	100,118	(28,199)	(28)
Investment securities, at fair value	85,412	55,771	29,641	53
Mortgage loans held-for-sale	1,014	15,560	(14,546)	(93)
Mortgage loans held-for-investment	3,290,066	3,172,329	117,737	4
Accrued interest receivable	12,254	11,029	1,225	11
Deferred tax assets, net	5,040	5,018	22	—
Other assets	26,566	21,333	5,233	25
Total assets	$3,497,598	$3,386,692	$110,906	3	%

Liabilities and Equity:
Liabilities:
Accrued interest payable	$10,597	$9,822	$775	8	%
Debt issued by consolidated trusts	3,198,008	3,122,941	75,067	2
Short-term debt	37,718	14,675	23,043	157
Long-term debt	169,296	167,333	1,963	1
Other liabilities	11,595	12,346	(751)	(6)
Total liabilities	3,427,214	3,327,117	100,097	3
Total equity	70,384	59,575	10,809	18
Total liabilities and equity	$3,497,598	$3,386,692	$110,906	3	%

Key Drivers:

As of December 31, 2025 compared to December 31, 2024:

n Securities purchased under agreements to resell decreased and investment securities increased primarily due to a change in strategy to increase investments in U.S. Treasury securities.

n Mortgage loans held-for-sale decreased primarily due to Multifamily designating a greater percentage of new mortgage loan purchases as held-for-investment to support increased issuances of fully guaranteed securitizations.

n Mortgage loans held-for-investment and debt issued by consolidated trusts increased primarily due to growth in our mortgage portfolio.

n Short-term debt increased primarily due to year-end funding needs.


FREDDIE MAC \| 2025 Form 10-K						16


Management's Discussion and Analysis			Our Portfolios

OUR PORTFOLIOS

Mortgage Portfolio

Our mortgage portfolio includes assets held by both business segments and consists of mortgage loans held-for-investment, mortgage loans held-for-sale, and mortgage loans underlying our mortgage-related guarantees. See Note 4 for additional information on our mortgage loans and Note 5 for additional information on our mortgage-related guarantees.

The table below presents the UPB of our mortgage portfolio by segment.

Table 9 - Mortgage Portfolio


	December 31, 2025			December 31, 2024
(In millions)	Single-Family	Multifamily	Total	Single-Family	Multifamily	Total
Mortgage loans held-for-investment:
By consolidated trusts	$3,063,232	$115,354	$3,178,586	$3,021,161	$70,701	$3,091,862
By Freddie Mac	54,713	37,770	92,483	42,050	16,715	58,765
Total mortgage loans held-for-investment	3,117,945	153,124	3,271,069	3,063,211	87,416	3,150,627
Mortgage loans held-for-sale	1,108	136	1,244	2,984	13,265	16,249
Total mortgage loans	3,119,053	153,260	3,272,313	3,066,195	100,681	3,166,876
Mortgage-related guarantees:
Mortgage loans held by nonconsolidated trusts	30,025	332,572	362,597	30,038	355,108	385,146
Other mortgage-related guarantees	7,212	10,003	17,215	7,941	10,846	18,787
Total mortgage-related guarantees	37,237	342,575	379,812	37,979	365,954	403,933
Total mortgage portfolio	$3,156,290	$495,835	$3,652,125	$3,104,174	$466,635	$3,570,809
Guaranteed mortgage-related securities:
Issued by consolidated trusts	$3,084,668	$115,610	$3,200,278	$3,033,506	$70,764	$3,104,270
Issued by non-consolidated trusts	24,604	299,507	324,111	24,470	317,611	342,081
Total guaranteed mortgage-related securities	$3,109,272	$415,117	$3,524,389	$3,057,976	$388,375	$3,446,351

Investments Portfolio

Our investments portfolio consists of our mortgage-related investments portfolio and other investments portfolio.

Mortgage-Related Investments Portfolio

We primarily use our mortgage-related investments portfolio to provide liquidity to the mortgage market and support our loss mitigation activities. Our mortgage-related investments portfolio includes assets held by both business segments and consists of unsecuritized mortgage loans and mortgage-related securities. We primarily invest in mortgage-related securities that we issue or guarantee, although we may also invest in other agency mortgage-related securities.

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 MD&A - Conservatorship and Related Matters.


FREDDIE MAC \| 2025 Form 10-K						17


Management's Discussion and Analysis			Our Portfolios

The table below presents the details of our mortgage-related investments portfolio.

Table 10 - Mortgage-Related Investments Portfolio


	December 31, 2025			December 31, 2024
(In millions)	Single-Family	Multifamily	Total	Single-Family	Multifamily	Total
Unsecuritized mortgage loans(1)	$55,821	$37,906	$93,727	$45,034	$29,980	$75,014
Mortgage-related securities:
Investment securities	4,438	3,891	8,329	3,136	4,020	7,156
Debt issued by consolidated trusts	35,758	1,413	37,171	18,188	634	18,822
Total mortgage-related securities	40,196	5,304	45,500	21,324	4,654	25,978
Mortgage-related investments portfolio	$96,017	$43,210	$139,227	$66,358	$34,634	$100,992
10% of notional amount of interest-only securities			$21,995			$22,495
Mortgage-related investments portfolio for purposes of Purchase Agreement cap			161,222			123,487

(1)Includes $35.9 billion and $30.0 billion of single-family loans that we have purchased from securitization trusts as of December 31, 2025 and December 31, 2024, respectively.

Other Investments Portfolio

Our other investments portfolio, which includes the liquidity and contingency operating portfolio, is primarily used for short-term liquidity management, collateral management, and asset and liability management. The assets in the other investments portfolio are primarily allocated to the Single-Family segment.

The table below presents the details of the carrying value of our other investments portfolio.

Table 11 - Other Investments Portfolio


	December 31, 2025				December 31, 2024
(In millions)	Liquidity and Contingency Operating Portfolio	Custodial Account	Other	Total Other Investments Portfolio	Liquidity and Contingency Operating Portfolio	Custodial Account	Other	Total Other Investments Portfolio
Cash and cash equivalents	$4,092	$1,136	$99	$5,327	$4,369	$1,055	$110	$5,534
Securities purchased under agreements to resell	57,181	19,107	2,090	78,378	92,787	12,764	2,787	108,338
Non-mortgage related securities(1)	65,088	—	6,076	71,164	37,249	—	5,465	42,714
Other assets(2)	—	—	7,776	7,776	—	—	6,091	6,091
Other investments portfolio	$126,361	$20,243	$16,041	$162,645	$134,405	$13,819	$14,453	$162,677

(1)Primarily consists of U.S. Treasury securities.

(2)Primarily includes LIHTC investments and advances to lenders.


FREDDIE MAC \| 2025 Form 10-K						18


Management's Discussion and Analysis			Our 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. See Note 14 for additional financial information for our reportable segments.


Segment			Description
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) 141

Segment Net Income

(In billions) 179


FREDDIE MAC \| 2025 Form 10-K						19


Management's Discussion and Analysis			Our Business Segments \| Single-Family

Single-Family

Business Overview

Our Single-Family segment provides liquidity and support to the single-family mortgage market through a variety of activities that include the purchase, securitization, and guarantee of single-family loans originated by lenders. Through our business activities we help families attain affordable and sustainable housing and increase access to housing finance.

The U.S. residential mortgage market consists of a primary mortgage market that links homebuyers and lenders, and a secondary mortgage market that links lenders and investors. The size of the U.S. residential mortgage market is affected by many factors, including changes in interest rates, unemployment rates, homeownership rates, house prices, the supply of housing, lender preferences regarding credit risk, and borrower preferences regarding mortgage debt.

In accordance with our Charter, we participate in the secondary mortgage market. The mix of loan products we purchase is affected by several factors, including the volume of loans meeting the requirements of our Charter, the volume meeting our risk appetite and originated according to our purchase standards, the loan purchase and securitization activity of other financial institutions, and instruction from FHFA related to pricing policies and the volume and type of new loans we acquire.

Our primary business model is to acquire loans from lenders shortly after origination and then pool those loans into guaranteed mortgage-related securities that transfer interest-rate, prepayment, and liquidity risk to investors and can be sold in the capital markets. We consolidate most of our Single-Family securitization trusts and, therefore, we recognize the loans held by such trusts and the debt securities issued by such trusts on our balance sheet and recognize the guarantee fees we receive as net interest income. To reduce our exposure under our guarantees, we transfer credit risk on a portion of our Single-Family mortgage portfolio to the private market in certain instances. Most of our loans with LTV ratios above 80% at the time of purchase are also credit enhanced by primary mortgage insurance. The returns we generate from our business activities are primarily derived from the guarantee fees we receive in exchange for providing our guarantee of the principal and interest payments of the issued mortgage-related securities.

The diagram below illustrates our primary business model.

FI_CS_1572513972_SF Business Model Graphic for 2024 10K 02.03 (002).jpg

Products and Activities

Our Single-Family business primarily consists of activities related to providing market liquidity by purchasing and securitizing mortgage loans and issuing guaranteed mortgage-related securities. Additionally, we invest in mortgage-related and other investments. Certain of our loan products and programs have been designed to address affordability challenges, particularly in underserved markets, while others aim to support housing supply efforts.


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Management's Discussion and Analysis			Our Business Segments \| Single-Family

Loan Purchase, Securitization, and Guarantee Activities

Guarantor Swap Transactions

One of the primary ways we acquire mortgage loans and provide liquidity to our Single-Family lender customers is by securitizing loans into guaranteed mortgage-related securities in guarantor swap transactions. Our largest guarantor swap customers are primarily large mortgage banking companies and commercial banks. In these transactions, we purchase mortgage loans from our customers in exchange for a security backed by those same loans, as shown in the diagram below:

10-K Diagrams_2021_Guarantor Swap - 01.12.2022.jpg

Cash Window Transactions

In addition to guarantor swap transactions, another primary way we acquire loans and provide liquidity to our Single-Family lender customers is by purchasing loans through our cash window for future aggregation and securitization via our securitization pipeline. In these transactions, we purchase mortgage loans from our customers in exchange for cash consideration. We enter into forward commitments with lenders in advance of the loan purchase date to purchase loans through our cash window at a fixed price for our securitization pipeline, allowing lenders to offer borrowers the opportunity to lock in the interest rate on the mortgage prior to loan origination. We refer to the loan as being in our securitization pipeline for the period of time between loan purchase and securitization.

We typically economically hedge the market risk exposure of our forward loan purchase commitments with lenders and our securitization pipeline by entering into forward sale commitments and obtain permanent financing for the loans in our securitization pipeline after a short aggregation period by securitizing the loans into guaranteed mortgage-related securities and selling the resulting securities to third-party investors, typically through cash auctions. We may also retain certain of these securities in our mortgage-related investments portfolio prior to selling them to third parties.

The Purchase Agreement requires us to purchase loans for cash consideration; operate the cash window with non-discriminatory pricing; and comply with directives, regulations, restrictions, and other requirements prescribed by FHFA related to equitable secondary market access by community lenders. We manage cash window activities in accordance with our risk limits and limitations imposed by FHFA. For additional information about the Purchase Agreement, see MD&A - Conservatorship and Related Matters.


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Management's Discussion and Analysis			Our Business Segments \| Single-Family

The diagram below shows the process for acquiring and securitizing loans in our cash window transactions.

10-K Diagrams_2021_Cash Window Securitization - 01.12.2022.jpg

Advances to Lenders

We also provide liquidity to certain lenders through our early funding programs, where we advance funds to lenders for mortgage loans prior to the loans being pooled and securitized generally through our guarantor swap transactions. In some cases, the early funded mortgages are ultimately delivered through cash window purchase transactions. We account for these transactions as advances that are fully collateralized by the mortgage loans and recognize the associated fees as interest income on the advances from the early funding date to the final settlement date.

Securitization Products

We offer the following types of securitization products to our customers.

Level 1 Securitization Products

We refer to the securities we issue in guarantor swap transactions and cash window securitizations as Level 1 Securitization Products, which are pass-through securities that represent undivided beneficial interests in trusts that hold pools of loans or participation interests in loans.

We issue the following types of Level 1 Securitization Products:

n UMBS - Single-class pass-through securities issued through the mortgage securitization platform with a 55-day payment delay for TBA-eligible fixed-rate mortgage loans. The UMBS is a single (common) security that is issued by either Fannie Mae or us. The UMBS market is designed to enhance the overall liquidity of TBA-eligible Freddie Mac and Fannie Mae securities by supporting their fungibility without regard to which company is the issuer. SIFMA permits UMBS TBA contracts to be settled by delivery of UMBS issued by either Freddie Mac or Fannie Mae under its good-delivery guidelines.

n 55-day MBS - Single-class pass-through securities issued through the mortgage securitization platform with a 55-day payment delay for non-TBA-eligible fixed-rate mortgage loans.

n ARM PCs - Single-class pass-through securities with a 75-day payment delay for ARM products. We have not used the mortgage securitization platform to issue ARM PCs; however, we plan to use the platform for issuance of these securities sometime later this year.

In prior years, we also issued Gold PCs, which were single-class pass-through securities with a 45-day payment delay for fixed-rate mortgage loans. We discontinued the issuance of Gold PCs in 2019. Existing Gold PCs that are not entirely resecuritized are eligible for exchange into UMBS (for TBA-eligible securities) or 55-day MBS (for non-TBA-eligible securities) through December 18, 2026.


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Management's Discussion and Analysis			Our Business Segments \| Single-Family

All Level 1 Securitization Products we issue are backed only by mortgage loans that we have acquired. We offer (or previously offered) all of the above products through both guarantor swap and cash window programs.

We also periodically use Level 1 Securitization Products to securitize certain reperforming loans subsequent to purchasing them from the original securities pool, depending on market conditions, business strategy, credit risk considerations, and operational efficiency.

When we issue a Level 1 Securitization Product, we retain the credit risk of the underlying mortgage loans by guaranteeing the principal and interest payments of the issued securities and transfer the interest-rate, prepayment, and liquidity risks of those loans to the investors in the securities. For our fixed-rate Level 1 Securitization Products, we guarantee the timely payment of principal and interest. For our ARM PCs, we guarantee the timely payment of the weighted average coupon interest rate for the underlying loans, and we also guarantee the full and final payment of principal, but not the timely payment of principal. In exchange for our guarantee of Level 1 Securitization Products, we receive guarantee fees that are designed to be commensurate with the risks assumed and that we expect will, over the long-term, provide income that exceeds the credit-related and administrative expenses on the underlying loans and also provide a return on the capital that would be needed to support the related credit risk. The guarantee fees charged on new acquisitions generally consist of:

n A contractual monthly fee paid as a percentage of the UPB of the underlying loan, including the legislated guarantee fees and

n Fees we receive or pay when we acquire a loan, which include credit fees and buy-up and buy-down fees. Credit fees are calculated based on credit risk factors such as the loan product type, loan purpose, LTV ratio, and credit score, and are charged to compensate us for higher levels of risk in some loan products. Buy-up and buy-down fees are payments made or received to buy up or buy down, respectively, the monthly contractual guarantee fee rate and are paid in conjunction with the formation of a security to provide for a uniform net coupon rate for the mortgage pool underlying the security.

In general, we must obtain FHFA's approval to implement significant or broad-based changes to our credit fees. In addition, FHFA has established minimum guarantee fees for the GSEs and, from time to time, FHFA issues directives or guidance to us affecting the levels of guarantee fees that we may charge, including minimum returns.

In order to issue mortgage-related securities, we establish trusts pursuant to our Master Trust Agreements and place the mortgage loans in the trust, which issues securities backed by those mortgage loans. The servicer administers the collection of borrowers' payments on their loans and remits the collected funds to us, net of servicing fees. We administer the distribution of payments to the investors in the mortgage-related securities, net of any applicable guarantee fees. When we securitize mortgage loans using trusts, Freddie Mac typically functions in its capacity as depositor, guarantor, administrator, and trustee of the trusts. We consolidate our Single-Family Level 1 Securitization Product trusts and recognize the mortgage loans held and debt issued by those trusts on our consolidated balance sheets. The difference between the interest income on the loans and the interest expense on the debt primarily represents the guarantee fees we receive as compensation for our guarantee. This amount is referred to as guarantee net interest income.

When a borrower prepays a loan that we have securitized, the outstanding balance of the security owned by investors is reduced by the amount of the prepayment. If the borrower becomes delinquent, we continue to make the applicable payments to the investors in the mortgage-related securities pursuant to our guarantee until we purchase the loan out of the securitization trust. We have the option to purchase loans from the trusts under certain circumstances (including certain levels of delinquency) at a purchase price equal to the current UPB of the loan, less any outstanding advances of principal that have been previously distributed. At the instruction of FHFA, we purchase loans from trusts when they reach 24 months of delinquency, except for loans that meet certain criteria (e.g., permanently modified or foreclosure referral), which may be purchased sooner. Many delinquent loans are purchased from trusts before they reach 24 months of delinquency under one of the exceptions provided. We must obtain FHFA’s approval to implement changes to our policy to purchase loans from trusts.

Other Securitization Products

We securitize certain seasoned loans in transactions where we issue guaranteed senior securities and unguaranteed subordinated securities. The collateral for these structures primarily consists of reperforming loans. The unguaranteed subordinated securities absorb first losses on the related loans. After securitization, we do not control the servicing, and the loans are not serviced in accordance with our Guide.

In prior years, we offered additional types of securitization products to our customers, including senior subordinate securitizations backed by recently originated loans and other securitization products collateralized by non-Freddie Mac mortgage-related securities. We no longer offer these products on a regular basis and have not entered into these types of transactions recently.

Resecuritization Products

Resecuritization products represent beneficial interests in pools of Level 1 Securitization Products and certain other types of mortgage assets. We generally create these securities by using Level 1 Securitization Products or our previously issued resecuritization products as the underlying collateral. We leverage the issuance of these securities to expand the range of investors in our mortgage-related securities to include those seeking specific security attributes. Similar to our Level 1


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Management's Discussion and Analysis			Our Business Segments \| Single-Family

Securitization Products, we guarantee the payment of principal and interest to the investors in our resecuritization products. We do not charge a guarantee fee for these securities if the underlying collateral is already guaranteed by us since no additional credit risk is introduced, although we typically receive a transaction fee as compensation for creating the security and future administrative responsibilities. We use the mortgage securitization platform for many of the securities issuance and administration activities for our resecuritization products.

We have the ability to commingle TBA-eligible Fannie Mae collateral in certain of our resecuritization products. When we resecuritize Fannie Mae securities, which are separately guaranteed by Fannie Mae, in our commingled resecuritization products, our guarantee covers timely payment of principal and interest on such products from the underlying Fannie Mae securities. If Fannie Mae were to fail to make a payment on a Fannie Mae security that we resecuritized, we would be responsible for making the payment. We are required to hold incremental capital for our guarantees of Fannie Mae securities under the ERCF.

All of the cash flows from the collateral underlying our resecuritization products are generally passed through to investors in these securities. We do not issue resecuritization products that have concentrations of credit risk beyond those embedded in the underlying assets. In many of our resecuritization transactions, securities dealers or investors deliver mortgage assets in exchange for the resecuritization product. In certain cases, we may also transfer our own mortgage assets in exchange for the resecuritization product. The diagram below provides a general example of how we create resecuritization products.

We offer the following types of resecuritization products:

n Single-class resecuritization products - Involve the direct pass through of all cash flows of the underlying collateral to the beneficial interest holders and include:

l Supers - Resecuritizations of UMBS and certain other TBA-eligible mortgage securities. This structure allows commingling of Freddie Mac and Fannie Mae collateral, where previously issued or exchanged UMBS and Supers issued by us or Fannie Mae may be commingled to back Supers issued by us. Fannie Mae also issues Supers. Supers can be backed by:

–UMBS and/or other Supers issued by us or Fannie Mae;

–Existing TBA-eligible Fannie Mae "MBS" and/or "Megas"; and/or

–UMBS and Supers that we have issued in exchange for TBA-eligible PCs and Giant PCs that have been delivered to us in response to our offer to exchange 45-day payment delay securities for corresponding 55-day payment delay securities.


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Management's Discussion and Analysis			Our Business Segments \| Single-Family

l Giant MBS - Resecuritizations of:

–Previously issued 55-day MBS and/or Giant MBS and/or

–55-day MBS and/or Giant MBS that we have issued in exchange for non-TBA-eligible PCs and non-TBA-eligible Giant PCs that have been delivered to us in response to our offer to exchange 45-day payment delay securities for corresponding 55-day payment delay securities.

l Giant PCs - Resecuritizations of previously issued PCs or Giant PCs. Although we no longer issue Gold PCs, existing Gold PCs may continue to be resecuritized into Giant PCs. In addition, ARM PCs may continue to be resecuritized into ARM Giant PCs. Fixed-rate Giant PCs are eligible for exchange into Supers (for TBA-eligible securities) or Giant MBS (for non-TBA-eligible securities).

n Multiclass resecuritization products

l REMICs - Resecuritizations of previously issued mortgage securities that divide all cash flows of the underlying collateral into two or more classes of varying maturities, payment priorities, and coupons. This structure allows commingling of TBA-eligible Freddie Mac and Fannie Mae collateral.

l Strips - Resecuritizations of previously issued Level 1 Securitization Products or single-class resecuritization products and issuance of stripped securities, including principal-only and interest-only securities or floating rate and inverse floating rate securities, backed by the cash flows from the underlying collateral. This structure allows commingling of TBA-eligible Freddie Mac and Fannie Mae collateral. Strips also include stripped interest certificates; these are interest-only securities that pass through certain excess yield amounts transferred to us by mortgage sellers or servicers in respect of mortgages that have been included in previously issued Level 1 Securitization Products.

Other Mortgage-Related Guarantees

We previously offered a guarantee on mortgage assets held by third parties, in exchange for guarantee fees, without securitizing those assets. These arrangements, referred to as long-term standby commitments, have obligated us to purchase seriously delinquent loans that are covered by those commitments. From time to time, we have consented to the termination of our long-term standby commitments and simultaneously entered into guarantor swap transactions with the same counterparty, issuing securities backed by many of the same loans.

Investing Activities

We primarily use our Single-Family mortgage-related investments portfolio to provide liquidity to the mortgage market by purchasing loans for our securitization pipeline and by purchasing delinquent and modified loans from securitization trusts. We also invest in agency mortgage-related securities. We manage the portfolio's risk-versus-return profile using our internal economic framework and make risk and capital management decisions intended to execute our business strategy and be responsive to market conditions. For additional information on our mortgage-related investments portfolio, see MD&A - Our Portfolios - Investments Portfolio - Mortgage-Related Investments Portfolio.

We may use our Single-Family mortgage-related investments portfolio to undertake various activities to support our presence in the agency securities market or to support the liquidity of our securities, including their price performance relative to comparable Fannie Mae securities. Depending upon market conditions, there may be substantial variability in any period in the total amount of securities we purchase or sell. The purchase or sale of agency securities could, at times, adversely affect the price performance of our securities relative to comparable Fannie Mae securities. We may incur costs to support our presence in the agency securities market and to support the liquidity and price performance of our securities. For additional information, see Risk Factors - Market Risks - A significant decline in the price performance of our UMBS could adversely affect the volume and/or profitability of our Single-Family business. For additional information on the limits on the mortgage-related investments portfolio established by the Purchase Agreement and by FHFA, see MD&A - Conservatorship and Related Matters - Limits on Our Mortgage-Related Investments Portfolio and Indebtedness. In addition, we may forgo investment opportunities for a variety of reasons, including the limits on our mortgage-related investments portfolio or the risk that an accounting treatment may create earnings variability.

Our company-wide Treasury function primarily includes issuing, calling, and repurchasing our unsecured debt securities, managing our other investments portfolio, and managing interest-rate risk, which includes monitoring and economically hedging interest-rate risk for the entire company, primarily through the use of derivative instruments. We allocate debt funding costs and interest-rate risk management gains and losses to specific assets and liabilities included in each segment. The residual financial impact of our company-wide Treasury function and interest-rate risk management function is primarily allocated to the Single-Family segment. For additional information on the company-wide Treasury function, see MD&A - Liquidity and Capital Resources. For additional information on interest-rate risk management, see MD&A - Risk Management - Market Risk.


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Management's Discussion and Analysis			Our Business Segments \| Single-Family

Customers

Our Single-Family customers are investors in our mortgage-related securities, CRT offerings, and unsecured debt securities, including banks and other depository institutions, insurance companies, money managers, central banks, pension funds, state and local governments, REITs, non-depository institutions, and brokers and dealers. We also maintain relationships with dealers in our guaranteed mortgage-related securities and unsecured debt securities. Our unsecured debt securities and structured mortgage-related securities are initially purchased by dealers and redistributed to their customers. Our Single-Family customers also include institutions that originate, sell, and perform the ongoing servicing of loans for new or existing homeowners. These companies include mortgage banking companies, commercial banks, regional banks, community banks, credit unions, HFAs, savings institutions, and non-depository institutions. Many of these companies are both sellers and servicers for us. Servicers who hold the right to service our loans may either operationally perform the servicing activities themselves or engage other servicers to operationally perform servicing activities on their behalf. Servicers who hold the right to service the loans remain responsible for servicing activities even if other servicers operationally perform servicing activities on their behalf.

We enter into loan purchase agreements with many of our Single-Family customers that outline the terms under which we agree to purchase loans from them over a period of time. For most of the loans we purchase, the guarantee fees are not specified contractually. Instead, we bid for some or all of the lender's loan volume on a monthly basis at a guarantee fee that we specify. As a result, our loan purchase volumes from individual customers can fluctuate significantly.

We acquire a significant portion of our loans from several lenders that are among the largest originators in the U.S. In addition, a significant portion of our single-family loans is serviced by several large servicers. The following charts show the concentration of our 2025 Single-Family purchase volume by our largest sellers and our Single-Family loan servicing by our largest servicers, based on the volume of servicing they operationally performed, as of December 31, 2025. Any seller or servicer with a 10% or greater share is listed separately. On October 1, 2025, Rocket Companies, Inc., the parent company of Rocket Mortgage LLC, announced that it had completed its acquisition of Mr. Cooper Group Inc. As a result, the purchase and servicing volume of Rocket Mortgage includes the purchase and servicing volume of Mr. Cooper Group Inc.

Percentage of Single-Family Purchase Volume

Percentage of Single-Family Servicing Volume

For additional information about seller and servicer concentration risk and our relationships with our seller and servicer customers, see MD&A - Risk Management - Counterparty Credit Risk - Single-Family Sellers and Servicers and Note 15.


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Management's Discussion and Analysis			Our Business Segments \| Single-Family

Competition

Our principal competitors in the single-family mortgage market are Fannie Mae and FHA/VA (with Ginnie Mae securitization). Other institutions, such as commercial and investment banks, dealers, savings institutions, REITs, insurance companies, the Federal Farm Credit Banks, the FHLBs, and independent mortgage companies, also compete with us by retaining or securitizing loans that would otherwise be eligible for purchase by us.

We operate in a competitive market by varying our pricing for different customers, loan products, and underwriting characteristics. We seek to maintain a broad mix of loan quality for the loans we purchase. However, sellers may elect to retain loans with better credit characteristics or deliver the loans into the private label securitization market. A seller's decision to retain or deliver the loans into the private label securitization market, or its decision concerning the loans it sells to Freddie Mac based on the credit standards and pricing policies of other secondary market participants, could result in Freddie Mac purchasing loans with a more adverse credit profile.

The conservatorship, including direction provided to us by our Conservator, may affect our ability to compete with Fannie Mae through required alignment of, or other constraints on, single-family mortgage purchase offerings, servicing practices, pricing, and securitization activities. See MD&A - Conservatorship and Related Matters - Limits on Our Secondary Market Activities and Single-Family Loan Acquisitions for additional details.

Housing and Mortgage Market Metrics

The table below presents certain single-family 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.

Table 12 - Single-Family Housing and Mortgage Market Metrics(1)


	Year Ended December 31,
(Mortgage amounts in billions, home sales in thousands)	2025		2024		2023















Home sales:
Total home sales(2)	$4,738		$4,746		$4,756
Sales of existing homes	4,060		4,060		4,090
Sales of new homes(2)	678		686		666
Mortgage originations (estimates)	1,944		1,695		1,503
Mortgage debt outstanding(3)	14,639		14,359		13,971
House price growth rate (seasonally adjusted annual rate)	0.7	%	4.2	%	6.6	%
30-year PMMS rate at period end	6.15	%	6.85	%	6.61	%

(1) Sources: Home sales - National Association of Realtors and U.S Census Bureau; Mortgage originations - Fannie Mae; Mortgage debt outstanding - Federal Reserve Financial Accounts of the United States of America; House price growth rate and 30-year PMMS rate - Freddie Mac

(2) For 2025, the sales of new homes amount is based on annualized seasonally adjusted data through October 31, 2025 (the latest available information).

(3) For 2025, the mortgage debt outstanding balance is as of September 30, 2025 (the latest available information).


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Management's Discussion and Analysis			Our Business Segments \| Single-Family

Business Results

The table and related discussion below present selected business results of our Single-Family segment.

Table 13 - Single-Family Segment Business Results


				Year Over Year Change
	Year Ended December 31,			2025 vs. 2024		2024 vs. 2023
(UPB in millions, loan count in thousands)	2025	2024	2023	Amount	%	Amount	%
New business activity:
UPB:
Total UPB	$388,665	$346,408	$299,886	$42,257	12%	$46,522	16%
Home purchase	295,414	286,261	264,624	9,153	3	21,637	8
Refinance	93,251	60,147	35,262	33,104	55	24,885	71
Number of loans:
Total number of loans	1,107	1,029	955	78	8	74	8
Home purchase	817	820	806	(3)	—	14	2
Refinance	290	209	149	81	39	60	40
Average estimated guarantee fee rate (bps)(1)	54	55	56
Mortgage portfolio at period end:
UPB	$3,156,290	$3,104,174	$3,038,910	$52,116	2	$65,264	2

Average estimated guarantee fee rate (bps)(1)(2)	50	49	48

(1) Estimated guarantee fee rate calculations exclude the legislated guarantee fees and include deferred fees recognized over the estimated life of the related loans based on month-end market rates for the month of acquisition.

(2) Estimated guarantee fee rate calculations for the Single-Family mortgage portfolio exclude certain loans, the majority of which are held by VIEs that we do not consolidate. The UPB of these excluded loans was $39 billion, $40 billion, and $41 billion as of December 31, 2025, December 31, 2024, and December 31, 2023, respectively.

n Our loan purchase and guarantee activity increased in 2025 compared to 2024 primarily driven by an increase in refinance activity.

n Our Single-Family mortgage portfolio was $3.2 trillion at December 31, 2025, up 2% year-over-year. The mortgage portfolio continued to grow at a moderate pace.

n The average estimated guarantee fee rate on new acquisitions consists of the contractual guarantee fee rate and deferred fee income, including the expected gains (losses) from buy-up and buy-down fees, recognized over the estimated life of the related loans based on our expectations of prepayments and other liquidations. The average estimated guarantee fee rate on new acquisitions decreased slightly in 2025 compared to 2024.


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Management's Discussion and Analysis			Our Business Segments \| Single-Family

Financial Results

The table below presents the financial results for our Single-Family segment. See Note 14 for additional information about segment financial results.

Table 14 - Single-Family Segment Financial Results


				Year Over Year Change
	Year Ended December 31,			2025 vs. 2024		2024 vs. 2023
(Dollars in millions)	2025	2024	2023	$	%	$	%
Net interest income	$19,778	$18,513	$17,657	$1,265	7%	$856	5%
Non-interest income	81	1,306	610	(1,225)	(94)	696	114
Net revenues	19,859	19,819	18,267	40	—	1,552	8
(Provision) benefit for credit losses	(758)	(374)	1,172	(384)	(103)	(1,546)	NM
Non-interest expense	(7,649)	(7,783)	(8,118)	134	2	335	4
Income before income tax expense	11,452	11,662	11,321	(210)	(2)	341	3
Income tax expense	(2,254)	(2,305)	(2,282)	51	2	(23)	(1)
Net income	9,198	9,357	9,039	(159)	(2)	318	4
Other comprehensive income (loss), net of taxes and reclassification adjustments	22	(1)	10	23	NM	(11)	NM
Comprehensive income	$9,220	$9,356	$9,049	($136)	(1)%	$307	3%

Key Drivers:

n 2025 vs. 2024

l Net income of $9.2 billion, down 2% year-over-year.

–Net revenues remained $19.9 billion.

◦Net interest income was $19.8 billion, up 7% year-over-year, primarily driven by continued mortgage portfolio growth and lower funding costs, partially offset by lower yields on short-term investments.

◦Non-interest income was $0.1 billion, down from $1.3 billion for 2024, primarily driven by interest rate and spread changes.

–Provision for credit losses was $0.8 billion for 2025, primarily driven by a credit reserve build attributable to new acquisitions, changes in estimated market values of single-family properties based on our internal house price index, and changes in forecasted house price growth rates. The provision for credit losses was $0.4 billion for 2024, primarily driven by a credit reserve build attributable to new acquisitions.

n 2024 vs. 2023

l Net income of $9.4 billion, up 4% year-over-year.

–Net revenues were $19.8 billion, up 8% year-over-year.

◦Net interest income was $18.5 billion, up 5% year-over-year, primarily driven by continued mortgage portfolio growth and lower funding costs due to increasing net worth.

◦Non-interest income was $1.3 billion, up from $0.6 billion for 2023, due to impacts from interest-rate risk management activities.

–Provision for credit losses was $0.4 billion for 2024, primarily driven by a credit reserve build attributable to new acquisitions. The benefit for credit losses was $1.2 billion for 2023, primarily driven by a credit reserve release due to improvements in house prices.


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Management's Discussion and Analysis			Our Business Segments \| Multifamily

Multifamily

Business Overview

Our Multifamily segment provides liquidity and support to the multifamily mortgage market through a variety of activities that include the purchase, securitization, and guarantee of multifamily loans originated by our Optigo® network of approved lenders. Our support of the multifamily mortgage market occurs through all economic cycles and is especially important during periods of economic stress. During these periods, we serve a critical countercyclical role by providing liquidity when many other capital providers reduce their support of or otherwise exit the market. Through our business activities we support greater access to quality, affordable, and sustainable rental housing, particularly in underserved markets.

Multifamily loans are typically originated by our Optigo lenders without recourse to the borrower, making repayment dependent on the cash flows generated by the underlying property. Cash flows generated by a property are significantly influenced by vacancy and rental rates, conditions in the local rental market, rent restrictions, the physical condition of the property, the quality of property management, and the level of operating expenses. The overall market demand for multifamily loans is generally affected by local and regional economic factors, such as unemployment rates, construction cycles, property prices, preferences for homeownership versus renting, and the relative affordability of single-family homes, as well as certain macroeconomic factors, such as interest rates.

Our primary business model is to acquire loans that lenders originate and then securitize those loans into mortgage-related securities that transfer interest-rate and liquidity risk to investors and can be sold in the capital markets. We guarantee some or all of the issued mortgage-related securities in exchange for guarantee fees. In transactions where we guarantee all issued mortgage-related securities (i.e., fully guaranteed securitizations), we typically consolidate the securitization trusts. Therefore, we recognize the loans held by the trusts and the debt securities that the trusts issue on our balance sheet. We also recognize the guarantee fees we receive as compensation for retaining the credit risk of the underlying mortgage loans as net interest income. In senior subordinate securitization transactions, we typically do not consolidate the securitization trusts. Therefore, we account for these securitizations as sales of the underlying loans and recognize the guarantee fees we receive as guarantee income. Historically, senior subordinate securitization transactions were our primary securitization structure, but we have recently changed our business strategy to focus primarily on issuing fully guaranteed securitizations.

To reduce our exposure under our guarantees, we generally transfer mortgage credit risk to third-party investors, either through the issuance of subordinate securities as part of the securitization transaction or by entering into a freestanding CRT transaction. The returns we generate from our business activities are primarily derived from (1) the net interest income we earn on the loans held on our balance sheet, (2) the ongoing guarantee fees we receive in exchange for providing our guarantee on the issued mortgage-related securities, net of credit losses, (3) the cost of CRT transactions, net of freestanding credit enhancement benefits, and (4) the gains on sale of mortgage loans, net of interest-rate risk management activities, from our senior subordinate securitization transactions. We evaluate these factors collectively to assess the profitability of any given transaction.

Products and Activities

Our Multifamily business primarily consists of activities related to providing market liquidity by purchasing and securitizing mortgage loans and issuing guaranteed mortgage-related securities, transferring credit risk, and investing in mortgage-related and other investments. Certain of our loan and securitization products have been designed to support increased access to and preservation of affordable housing, particularly in underserved markets.

Loan Purchase, Securitization, and Guarantee Activities

Loan Purchase

Our Optigo network allows lenders to offer borrowers a variety of loan products for the acquisition, refinance, and/or rehabilitation of multifamily properties. While our Optigo lenders originate the loans that we purchase, we generally use a prior-approval underwriting approach. Under this approach, we maintain credit discipline by completing our own underwriting, credit review, and legal review for a loan prior to issuing a loan purchase commitment, including reviewing third-party appraisals, performing cash flow analysis, and evaluating a borrower's ability to exit at maturity. Additionally, to protect against prepayments, most multifamily mortgage loans impose prepayment charges, such as a yield maintenance fee.

Our multifamily loan products are designed to support the purchase and/or rehabilitation of apartment properties, including market-rate, affordable housing, seniors housing, student housing, and cooperative properties. We offer fixed-rate or floating-rate financing and provide financing for both large properties and small properties (i.e., 5 to 50 units). We are particularly focused on providing financing for properties located in underserved areas that have restricted units affordable to households with low income (earning 80% or less of AMI) and/or very-low income (earning 50% or less of AMI) and/or that typically receive government subsidies.


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Management's Discussion and Analysis			Our Business Segments \| Multifamily

The volume and type of multifamily loans that we purchase are influenced by the Multifamily loan purchase cap and the Multifamily Affordable Housing goals established by FHFA. In November 2025, FHFA announced that the 2026 Multifamily loan purchase cap will be $88 billion, up from $73 billion in 2025. The purchase cap is subject to reassessment throughout the year by FHFA to determine whether an increase in the cap is appropriate based on a stronger than expected overall market. For additional information on Multifamily's loan purchase cap, see MD&A - Conservatorship and Related Matters and for information on the Multifamily Affordable Housing goals, see MD&A - Regulation and Supervision.

Our process for purchasing multifamily loans generally begins with a loan purchase commitment. Prior to issuing a commitment to purchase a multifamily loan, we negotiate with the lender and quote the specific economic terms and conditions of our commitment, including the loan's purchase price, index, and mortgage spread. Decisions related to the commitment price and/or mortgage spread are generally influenced by our current business strategy, competition in the market, the type of loan that we acquire (e.g., the loan product and whether it qualifies as mission-driven), the loan's credit characteristics, the amount available under the loan purchase cap, current securitization spreads, and changing market conditions. We may offer pricing for a loan that furthers certain elements of our mission and/or supports our affordable housing goals that results in lower profitability as compared to the pricing we offer generally. We also offer borrowers an option to lock the Treasury index component of their fixed rate loans anytime during the quote or underwriting process. This option enables borrowers, through our lenders, to lock the most volatile part of their coupon, thereby providing an enhanced level of risk mitigation against their interest-rate volatility. The index lock period offered for most loans is 60 days and is generally followed by a loan purchase commitment.

At the time we commit to purchase a multifamily loan, we preliminarily determine our intent with respect to that loan. Previously, the majority of the multifamily loans that we purchased were intended to be sold in our senior subordinate securitizations and therefore designated as held-for-sale. However, we have recently changed our business strategy to focus primarily on issuing fully guaranteed securitizations and therefore generally designate new loan purchases as held-for-investment.

Through our multifamily commitments and funded loans we are exposed to interest-rate risk and spread risk. Interest-rate risk exposures from these assets are centrally managed, with our business segment being allocated debt funding and hedging-related costs using a funds transfer pricing process. As a result, we have minimal net exposure from changes in interest rates. As our ability to manage spread risk is more limited than our ability to manage interest-rate risk, we have exposure to changes in spreads. To manage this exposure, we may enter into certain spread-related derivative transactions.

Securitization Products

We securitize substantially all the loans we purchase. Loans awaiting securitization are generally referred to as being in our securitization pipeline. We offer two main types of securitization products: Multifamily PCs, which are fully guaranteed securities where we retain the credit risk of the underlying mortgage loans, and K Certificates, which could either be fully guaranteed or senior subordinate securitizations. The securitization structure and product selected is generally designed to achieve an appropriate economic return, which may vary based on the characteristics of the underlying loans. We continue to issue securitization products focused on addressing affordable housing challenges. We may accept lower economic returns for securitizations that further certain elements of our mission and/or support our affordable housing goals while operating in a safe and sound manner.

Multifamily PCs

Multifamily PCs are fully guaranteed securitizations. In a Multifamily PC securitization, we retain the credit risk of the underlying mortgage loan by guaranteeing the principal and interest payments of the issued security while transferring the interest-rate and liquidity risks to the PC investors. Multifamily PCs are fully guaranteed pass-through securities with a 55-day payment delay that are collateralized by a single underlying mortgage loan. In exchange for providing our guarantee, we receive an ongoing guarantee fee that is designed to be commensurate with the risks assumed and that will, over the long-term, provide us with guarantee net interest income that is expected to exceed the credit, administrative, and implied capital costs of the underlying loans. We consolidate the securitization trusts used in these transactions and therefore do not account for Multifamily PC securitizations as sales of the underlying loans. As a result, we classify loans that we intend to securitize in Multifamily PC transactions as held-for-investment. After securitization, we often enter into CRT transactions, primarily MCIP and MSCR note transactions, to reduce our credit risk exposure to Multifamily PCs. See MD&A – Risk Management – Credit Risk – Multifamily Mortgage Credit Risk - Credit Enhancements for additional information on our CRT products.

The diagram below shows the process for acquiring and securitizing a mortgage loan into a PC transaction.


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Management's Discussion and Analysis			Our Business Segments \| Multifamily

FI_CS_1570293844_PC Securitization Graphic_v3.jpg

K Certificates

Our K Certificate product offers investors a variety of structural and collateral options that provide for stable cash flows, plus the Freddie Mac guarantee. The volume and type of our K Certificate securitizations are generally influenced by our business strategy, the product mix and size of our securitization pipeline, and market demand for multifamily securities. While the amount of guarantee fees we receive may vary by collateral type and deal structure, it is generally fixed for those K Certificate series that we issue with regular frequency (e.g., 5-, 7- and 10-year fixed-rate K Certificates and floating rate K Certificates).

While K Certificates have historically been our principal securitization offering, we have recently changed our business strategy to focus primarily on issuing fully guaranteed securitizations.

In a senior subordinate K Certificate securitization, we transfer the interest-rate risk, liquidity risk, and a portion of the credit risk of the underlying collateral to third-party investors. The structures of these transactions involve the issuance of senior and subordinate securities that represent undivided beneficial interests in trusts that hold pools of multifamily loans that we previously purchased. In these securitizations, we sell multifamily loans to a non-Freddie Mac securitization trust that issues senior and subordinate securities and simultaneously purchase and place the senior securities into a Freddie Mac securitization trust that issues guaranteed K Certificates. We do not issue or guarantee the subordinate securities. Because we do not consolidate our senior subordinate securitization trusts, we account for these transactions as sales of the underlying loans at securitization.

At inception of a senior subordinate K Certificate transaction, we recognize a guarantee asset. This asset, which represents the right to collect contractual fees in exchange for our guarantee of the issued senior mortgage-related securities, is recorded at fair value with subsequent changes in fair value recognized in earnings. The fair value of our guarantee assets may vary significantly from period-to-period based on changes in market conditions, including interest rates and credit spreads. Because our multifamily loans typically contain prepayment protection, decreasing interest rates generally result in higher guarantee asset fair values, with the opposite effect occurring when interest rates increase. Pursuant to our funds transfer pricing methodologies, gains and losses on interest-rate risk management derivative instruments are allocated to Multifamily to offset interest rate-related changes in fair value on guarantee assets. See Note 5 for additional information on our accounting for guarantees.


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Management's Discussion and Analysis			Our Business Segments \| Multifamily

The diagram below shows a senior subordinate K Certificate transaction.

In a fully guaranteed K Certificate transaction, we retain the credit risk of the underlying mortgage pool by guaranteeing the principal and interest payments of the issued securities, while transferring the interest-rate and liquidity risks to the K Certificate investors. Although we initially retain the credit risk of the mortgage pool, we expect to subsequently transfer a portion of the credit risk using MCIP and MSCR notes.

Consistent with Multifamily PCs, we consolidate the securitization trusts used in our fully guaranteed K Certificate transactions and therefore do not account for these securitizations as sales of the underlying loans. We account for the ongoing fees that we receive in exchange for issuing our guarantee as guarantee net interest income.

Other Securitization Products

Our other securitization products involve the issuance of mortgage-related securities that represent beneficial interests in trusts that hold pools of multifamily loans. The collateral for these securitizations may include loans underwritten and purchased by us at loan origination and loans we do not own prior to securitization and that we underwrite after (rather than at) origination. These transactions involve a variety of structures and the mortgage-related securities issued in these transactions may include guaranteed senior and unguaranteed subordinate securities or fully guaranteed pass-through securities. We generally do not consolidate the securitization trusts used in these transactions as we do not direct loss mitigation activities.

Resecuritization Products

We also offer Multifamily Giant PCs. Similar to the Single-Family Giant program, Multifamily Giant PCs enable investors to pool eligible PCs into a larger, single security to manage their portfolios more efficiently.

Other Mortgage-Related Guarantees

We also guarantee mortgage-related assets held by third parties in exchange for guarantee fees, without securitizing those assets. For example, we provide guarantees on certain tax-exempt multifamily housing revenue bonds issued by state and local housing finance authorities that are secured by low- and moderate-income multifamily loans.


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Management's Discussion and Analysis			Our Business Segments \| Multifamily

Investing Activities

We primarily use our Multifamily mortgage-related investments portfolio to provide liquidity to the multifamily mortgage market by purchasing loans for our securitization pipeline. We may also hold certain multifamily mortgage loans or agency mortgage-related securities as investments. Depending on market conditions and our business strategy, we may purchase or sell Multifamily PCs, guaranteed K Certificates, or other securitization products at issuance or in the secondary market, including interest-only securities. Through our ownership of the securities, we are exposed to the market risk on the loans underlying our securitizations. We also invest in certain non-mortgage investments, including LIHTC partnerships and other secured lending activities. Our current investment in the LIHTC market is limited to $2 billion annually. Our ongoing investment in LIHTC partnerships helps to support and preserve the supply of affordable housing. We had investments in LIHTC partnerships with carrying values of $5.2 billion and $4.3 billion as of December 31, 2025 and December 31, 2024, respectively.

For additional information, see Risk Factors - Market Risks - The profitability of our Multifamily business could be adversely affected by market competition and/or decreased investor demand for our securities.

Customers

Our Multifamily customers include both investors in our securitization products and other CRT products, as well as financial institutions that originate, sell, and service multifamily mortgage loans to us. Investors include banks and other financial institutions, insurance companies, money managers, hedge funds, pension funds, state and local governments, and broker dealers. Our multifamily loan purchases are generally sourced through our Optigo network of approved lenders, which are primarily non-bank real estate finance companies and banks. Many of these lenders are both sellers and servicers to us.

The following charts show the concentration of our 2025 Multifamily new business activity by our largest sellers and loan servicing by our largest servicers as of December 31, 2025. Any seller or servicer with a 10% or greater share is listed separately.

Percentage of New Business Activity

Percentage of Servicing Volume


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Management's Discussion and Analysis			Our Business Segments \| Multifamily

Competition

We compete on the basis of price, service, and products, including our use of certain securitization structures. When evaluating new business and/or CRT opportunities, we consider a number of factors, including expected profitability, our risk limits, the Multifamily loan purchase cap, and the affordable housing goals established by FHFA. Our principal competitors in the multifamily mortgage market are Fannie Mae, FHA, commercial and investment banks, CMBS conduits, savings institutions, debt funds, and life insurance companies.

Housing and Mortgage Market Metrics

The table below presents certain multifamily housing and mortgage market indicators that can significantly affect our business and financial results. For example, vacancy rates provide insight into the balance between supply and demand. Meanwhile, effective rent growth, which accounts for concessions and discounts offered by landlords, represents the actual change in average rental income over time. Certain market and macroeconomic prior period data have been updated to reflect revised historical data.

Table 15 - Multifamily Housing and Mortgage Market Metrics(1)


	Year Ended December 31,
(UPB in billions)	2025		2024		2023














Apartment vacancy rates	6.7	%	6.4	%	5.8	%
Change in effective rents (for the year ended December 31)	—	%	1.7	%	0.1	%
Mortgage debt outstanding(2)	$2,396		$2,305		$2,203
Property price growth rate	(1.3)	%	(3.0)	%	(9.9)	%

(1) Sources: Apartment vacancy rates and change in effective rents - Moody's Analytics; Mortgage debt outstanding - Federal Reserve Financial Accounts of the United States of America; Property price growth rate - Real Capital Analytics Commercial Property Price Index (RCA CPPI).

(2) For 2025, the mortgage debt outstanding balance is as of September 30, 2025 (the latest available information).

Business Results

The table and related discussion below present selected business results of our Multifamily segment.

Table 16 - Multifamily Segment Business Results


							Year Over Year Change
	Year Ended December 31,						2025 vs. 2024		2024 vs. 2023
(UPB in millions, units in thousands)	2025		2024		2023		Amount	%	Amount	%
New business activity:
UPB(1)	$76,421		$65,082		$48,349		$11,339	17%	$16,733	35%
Total units financed(2)	617		553		447		64	12	106	24
Mission-driven affordable housing percentage	66	%	65	%	66	%
Outstanding index lock agreements and commitments(3)	$17,919		$15,733		$16,284		$2,186	14	($551)	(3)
New securitization activity(4):
Total UPB	$66,808		$55,243		$52,644		$11,565	21	$2,599	5
Senior subordinate securitizations	18,819		29,856		35,343		(11,037)	(37)	(5,487)	(16)
Fully guaranteed securitizations	47,989		25,387		17,301		22,602	89	8,086	47
Mortgage portfolio at period end:
UPB	$495,835		$466,635		$440,797		$29,200	6	$25,838	6
Fixed-rate percentage	84	%	83	%	80	%
Average guarantee fees rate charged (bps)(5)	56		51		46

(1) Excludes new LIHTC investments of $1.2 billion, $1.0 billion, and $0.9 billion for 2025, 2024, and 2023, respectively.

(2) Includes rental units financed by supplemental loans.

(3) At period end.

(4) Excludes resecuritizations.


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Management's Discussion and Analysis			Our Business Segments \| Multifamily

(5) Based on guarantee exposure of $425 billion, $399 billion, and $379 billion for 2025, 2024, and 2023, respectively, which includes guaranteed mortgage related securities that are consolidated on our balance sheet where income from guarantee fees is recognized in net interest income.

n Our new business activity was $76.4 billion in 2025, up 17% compared to 2024, primarily driven by a larger multifamily originations market, coupled with the execution of our competitive strategies. Approximately 66% of this activity in 2025, based on UPB, was mission-driven, affordable housing, exceeding FHFA's minimum requirement of 50%. In 2025, $3.4 billion of our $76.4 billion new business activity was not subject to the $73 billion loan purchase cap.

n Total securitization issuance UPB was $66.8 billion in 2025, up 21% compared to 2024, driven by a larger average securitization pipeline.

n Our Multifamily mortgage portfolio was $496 billion as of December 31, 2025, up 6% compared to December 31, 2024, primarily driven by our new business activity.

n The average guarantee fee rate on our guarantee exposures increased as of December 31, 2025 compared to December 31, 2024, primarily due to continued growth of fully guaranteed securitization issuances for which we charge higher guarantee fee rates. The average remaining guarantee term was six years and seven years as of December 31, 2025 and December 31, 2024, respectively. The profitability of our guarantee activities may vary and will depend on the actual performance of the underlying collateral that we have guaranteed.

Financial Results

The table below presents the financial results for our Multifamily segment. See Note 14 for additional information about segment financial results.

Table 17 - Multifamily Segment Financial Results


				Year Over Year Change
	Year Ended December 31,			2025 vs. 2024		2024 vs. 2023
(Dollars in millions)	2025	2024	2023	$	%	$	%
Net interest income	$1,625	$1,224	$885	$401	33%	$339	38%
Non-interest income	1,787	2,869	2,077	(1,082)	(38)	792	38
Net revenues	3,412	4,093	2,962	(681)	(17)	1,131	38
(Provision) benefit for credit losses	(532)	(102)	(300)	(430)	(422)	198	66
Non-interest expense	(971)	(875)	(784)	(96)	(11)	(91)	(12)
Income before income tax expense	1,909	3,116	1,878	(1,207)	(39)	1,238	66
Income tax expense	(376)	(615)	(379)	239	39	(236)	(62)
Net income	1,533	2,501	1,499	(968)	(39)	1,002	67
Other comprehensive income (loss), net of taxes and reclassification adjustments	56	(4)	156	60	NM	(160)	NM
Comprehensive income	$1,589	$2,497	$1,655	($908)	(36)%	$842	51%

Key Drivers:

n 2025 vs. 2024

l Net income of $1.5 billion, down 39% year-over-year.

–Net revenues were $3.4 billion, down 17% year-over-year.

◦Net interest income was $1.6 billion, up 33% year-over-year, primarily driven by an increase in the volume of fully guaranteed securitizations.

◦Non-interest income was $1.8 billion, down 38% year-over-year, primarily driven by lower revenues from held-for-sale loan purchase and securitization activities and impacts from interest-rate risk management activities.

–Provision for credit losses was $0.5 billion for 2025, primarily driven by a credit reserve build attributable to new loan purchase commitment and acquisition activities due to the change in our Multifamily business strategy and deterioration in the credit performance of certain delinquent loans.

n 2024 vs. 2023

l Net income of $2.5 billion, up 67% year-over-year.

–Net revenues were $4.1 billion, up 38% year-over-year.

◦Net interest income was $1.2 billion, up 38% year-over-year, primarily driven by continued mortgage portfolio growth.


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Management's Discussion and Analysis			Our Business Segments \| Multifamily

◦Non-interest income was $2.9 billion, up 38% year-over-year, primarily driven by higher revenues from held-for-sale loan purchase and securitization activities, lower realized losses on sales of available-for-sale securities, and net impacts from index lock activities.

–Provision for credit losses was $0.1 billion for 2024, primarily driven by a credit reserve build attributable to deterioration in overall loan performance and new loan purchases, partially offset by a credit reserve release due to enhancements in our credit loss estimation process.


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Management's Discussion and Analysis			Risk Management

RISK MANAGEMENT

Overview

To achieve our mission of providing liquidity, stability, and affordability to the U.S. housing market, we take risks as an integral part of our business activities. Risk is the possibility that events will occur that adversely impact our financial strength, safe and sound operations, and ability to achieve our mission, strategic, and business objectives. Risk can manifest itself in many ways and the responsibility for risk management resides at all levels of the company. We seek to take risks in a safe and sound, well-controlled manner to earn acceptable risk-adjusted returns on a corporate-wide, divisional, and, where applicable, transaction basis. Our goal is to maintain an effective risk culture where employees are risk aware, collaborative, transparent, and individually accountable for their decisions, and to conduct business in an effective, legal, and ethical manner.

We utilize a risk taxonomy to define, classify, and report risks that we face in operating our business. These risks have the potential to adversely affect our current or projected financial and operational resilience. Risks are classified into the following categories:

n Credit Risk;

n Market Risk;

n Liquidity Risk;

n Operational Risk;

n Compliance Risk;

n Legal Risk;

n Strategic Risk; and

n Reputation Risk.

These risks are factored into our business decisions, as appropriate. For additional discussion of these and other risks facing our business, see Risk Factors. See MD&A - Liquidity and Capital Resources for a discussion of liquidity risk.

Enterprise Risk Framework

The Risk Framework defines how we manage risk to achieve our mission, strategic, and business objectives. By serving as the basis for managing risk in a consistent, effective, and efficient manner, the Risk Framework supports our financial strength and safe and sound operations through a range of stressful conditions. The Risk Framework is implemented through the Enterprise Risk Program, which consists of our enterprise-wide risk management practices and processes.

The Risk Framework includes the following components:

n Risk Culture - Risk culture is the set of corporate values, competencies, and behaviors related to risk taking and risk management at Freddie Mac. Management supports an effective risk culture by establishing clear risk objectives, assigning accountability, and setting a tone at the top so that employees feel empowered to challenge business decisions without fear of negative consequences. An effective risk culture promotes an environment where employees who take, accept, and manage risks for the company are risk aware, collaborative, and transparent.

n Risk Governance - Risk governance is the set of corporate requirements and processes that must be followed to make and implement risk decisions across the company. Effective risk governance establishes a reporting and escalation path for risks and issues across the company. Freddie Mac’s risk governance structure provides forums for transparent communication of risks and issues, as well as risk management and control activities. Risk governance is established through:

l Risk Authority - Authority to take or accept risk is vested in an individual employee. Individual business or functional risk officers may be assigned risk authority for specific risk areas and functions, as appropriate.

l Corporate Risk Policies and Standards - Corporate risk policies and standards define roles and responsibilities with respect to risk management, establish limits to risk taking authority, and set forth escalation and reporting requirements.

l Risk Governance Structure - The risk governance structure consists of management- and Board-level committees with roles and responsibilities formalized in their charters.

n Risk Appetite - Risk appetite is the level of risk, both in aggregate and by risk type, within the company's risk capacity (the maximum amount of risk the enterprise can absorb before breaching capital, liquidity, and other constraints) that the Board of Directors and management are willing to assume to achieve the company's strategic goals. The risk appetite is integrated and aligned with the Company Strategic Plan, the consolidated business plan, and divisional business plans (collectively, the Annual Business Plan). The risk appetite consists of qualitative risk appetite statements and quantitative metrics with limits, and it is approved by the Board of Directors. FHFA as Conservator then approves the quantitative


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Management's Discussion and Analysis			Risk Management

metrics with limits.

n Risk Identification, Assessment, Control, and Monitoring Processes - Our Enterprise Risk Program supports risk management through enterprise-wide practices and processes designed to identify, assess, control, monitor, and report on all risks, including material and emerging risks.

n Risk Profile - Risk profile represents an aggregate view of risk exposures and trends across risk types, relative to risk appetite and tolerance levels as of a given point in time. Risk profile reporting provides an advance warning of increasing risk exposure to stimulate a risk response. The Risk Framework requires accurate and timely reporting needed to manage risks. Regular reporting is provided to senior management and to the Board of Directors.

FHFA continues to increase supervisory expectations related to how risk is managed and overseen by management and the Board of Directors, and specifically the role of Enterprise Risk in providing independent risk oversight and effective challenge. As a result, we must continue to invest in our risk management practices to meet these expectations.

Enterprise Risk Governance Structure

We manage risk using a three lines model and our risk governance structure includes enterprise-wide oversight by the Board of Directors and its committees, the CRO, and senior management. Only legal risk is managed outside of the three lines model.

The first line consists of Business Divisions which have the responsibility to identify, assess, control, monitor, and report on all risks in executing their functions. First line is responsible for providing senior management and the Board and/or its committees with regular reporting on their division’s risk profile.

The second line consists of Enterprise Risk, which designs and implements a comprehensive and integrated risk and compliance program. In addition, Enterprise Risk provides independent oversight and effective challenge of first line divisions. Enterprise Risk is responsible for reporting on the enterprise risk profile to senior management, the Board of Directors, and the Board Risk and Audit Committees, including on significant risk exposures, adherence to Board Risk Appetite, outcomes of risk management reviews, significant changes, adequacy of the compliance program and adequacy of and adherence to corporate risk policies and standards.

The third line consists of Internal Audit, which provides independent and objective assurance, advice, insight, and foresight. Internal Audit’s activities evaluate the effectiveness and efficiency of governance, risk management, and control processes.

The Enterprise Risk Committee is a management level committee that reviews and discusses business-specific and enterprise-wide risks, mitigation actions, and risk matters that may be escalated to the Board or Board committees.

The Board of Directors provides enterprise-wide risk oversight, including through its committees. The Board of Directors also approves the Enterprise Risk Policy, which establishes the enterprise risk management program and framework; the Company Strategic Plan and the Annual Business Plan; and the enterprise risk appetite, which must be aligned with the Company Strategic Plan and the Annual Business Plan, subject to FHFA approval as Conservator. For additional information on the role of the Board of Directors' committees risk oversight responsibilities, see Directors, Corporate Governance, and Executive Officers - Corporate Governance - Board and Board Committee Information.


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Management's Discussion and Analysis			Risk Management

Credit Risk

Overview

Credit risk is the risk associated with the inability or failure of a borrower, issuer, or counterparty to meet its financial and/or contractual obligations. We are exposed to both mortgage credit risk and counterparty credit risk.

Mortgage credit risk is the risk associated with the inability or failure of a borrower to meet its financial and/or contractual obligations. We are exposed to two types of mortgage credit risk:

n Single-Family mortgage credit risk, through our ownership or guarantee of loans in our Single-Family mortgage portfolio and

n Multifamily mortgage credit risk, through our ownership or guarantee of loans in our Multifamily mortgage portfolio.

Counterparty credit risk is the risk associated with the inability or failure of a counterparty to meet its contractual obligations.

In the sections below, we provide a general discussion of our Enterprise Risk Framework and current risk environment for mortgage credit risk and for counterparty credit risk.

Allowance for Credit Losses

For financial assets measured at amortized cost, we recognize an allowance for credit losses that is deducted from or added to the amortized cost basis of the financial asset to present the net amount expected to be collected on the financial asset on the balance sheet.

For Single-Family credit exposures, we estimate the allowance for credit losses for loans on a pooled basis using a discounted cash flow model that evaluates a variety of factors to estimate the cash flows we expect to collect. The discounted cash flow model forecasts cash flows over the loan’s remaining contractual life, adjusted for expectations of prepayments, and using our historical experience (which includes the effects of natural disasters), adjusted for current and forecasted economic conditions. These projections require significant management judgment, and we face uncertainties and risks related to the models we use for financial accounting and reporting purposes. For further information on our accounting policies and methods for estimating our allowance for credit losses and related management judgments, see MD&A - Critical Accounting Estimates.

For Multifamily credit exposures, we estimate the allowance for credit losses using a loss-rate method to estimate the net amount of cash flows we expect to collect. The loss rate method is based on a probability of default and loss given default framework that estimates credit losses by considering a loan’s underlying characteristics, our historical experience (which includes the effects of natural disasters), and current and forecasted economic conditions. Loan characteristics considered by our model include vintage, loan term, current DSCR, current NOI, current LTV ratio, interest rate type, underlying property type, and property location. We simulate multiple forecast paths of economic variables, property values, and NOI over the loan's remaining contractual life. We also consider as model inputs expected recoveries from credit enhancements that are not freestanding contracts. Management adjustments to our model output may be necessary to take into consideration current economic events and other factors not considered within the model.


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Management's Discussion and Analysis			Risk Management

The tables below present a summary of the changes in our allowance for credit losses and key allowance for credit losses ratios.

Table 18 - Allowance for Credit Losses Activity


	December 31, 2025						December 31, 2024						December 31, 2023
(Dollars in millions)	Single-Family		Multifamily		Total		Single-Family		Multifamily		Total		Single-Family		Multifamily		Total
Allowance for credit losses:
Beginning balance	$6,691		$548		$7,239		$6,402		$447		$6,849		$7,746		$147		$7,893
Provision (benefit) for credit losses	758		532		1,290		374		102		476		(1,172)		300		(872)
Charge-offs	(478)		(126)		(604)		(511)		(2)		(513)		(643)		—		(643)
Recoveries collected	149		2		151		115		—		115		144		—		144
Net charge-offs	(329)		(124)		(453)		(396)		(2)		(398)		(499)		—		(499)
Other(1)	429		—		429		311		1		312		327		—		327
Ending balance	$7,549		$956		$8,505		$6,691		$548		$7,239		$6,402		$447		$6,849

Average loans outstanding during the year(2)	$3,118,201		$106,081		$3,224,282		$3,055,472		$66,741		$3,122,213		$3,002,523		$50,602		$3,053,125
Net charge-offs to average loans outstanding	0.01	%	0.12	%	0.01	%	0.01	%	—	%	0.01	%	0.02	%	—	%	0.02	%

(1)Primarily includes capitalization of past due interest related to non-accrual loans that received payment deferral plans and loan modifications.

(2)Based on amortized cost basis of mortgage loans held-for-investment for which we have not elected the fair value option.

n 2025 vs. 2024 - The increase in charge-offs was primarily driven by a pool of Multifamily senior housing loans during 3Q 2025.

Table 19 - Allowance for Credit Losses Ratios


	December 31, 2025						December 31, 2024
(Dollars in millions)	Single-Family		Multifamily		Total		Single-Family		Multifamily		Total
Allowance for credit losses ratios:
Allowance for credit losses(1) to total loans outstanding	0.23	%	0.46	%	0.24	%	0.21	%	0.46	%	0.21	%
Non-accrual loans to total loans outstanding	0.55		0.16		0.54		0.51		0.15		0.50
Allowance for credit losses to non-accrual loans	41.84		295.59		45.10		40.11		314.40		42.25
Balances:
Allowance for credit losses on mortgage loans held-for-investment	$7,297		$671		$7,968		$6,381		$393		$6,774
Total loans outstanding(2)	3,145,436		145,593		3,291,029		3,092,137		84,554		3,176,691
Non-accrual loans(2)	17,442		227		17,669		15,908		125		16,033

(1)Represents allowance for credit losses on mortgage loans held-for-investment.

(2)Based on amortized cost basis of mortgage loans held-for-investment for which we have not elected the fair value option.

n December 31, 2025 vs. December 31, 2024 - The increase in the balance of loans in non-accrual status is primarily driven by an increase in average UPB of seriously delinquent loans.

See Note 6 for additional information on our allowance for credit losses and Note 4 for additional information on our non-accrual policy.


FREDDIE MAC \| 2025 Form 10-K						41


Management's Discussion and Analysis			Risk Management

The table below shows the contractual principal payments due by specified timeframe for held-for-investment loans outstanding as of the period end.

Table 20 - Principal Amounts Due for Held-for-Investment Loans


	December 31, 2025
(In millions)	Due in One Year or Less	Due after One Year through Five Years	Due after Five Years through 15 Years	Due after 15 Years	Total
Single-Family:
Fixed-rate	$94,713	$404,998	$1,112,877	$1,475,943	$3,088,531
Adjustable-rate	731	3,317	9,782	15,584	29,414
Total Single-Family	95,444	408,315	1,122,659	1,491,527	3,117,945
Multifamily:
Fixed-rate	2,430	64,347	66,172	3,426	136,375
Adjustable-rate	1,065	3,066	12,618	—	16,749
Total Multifamily	3,495	67,413	78,790	3,426	153,124
Cost basis and fair value adjustments, net					26,965
Total(1)					$3,298,034

(1)Includes $7.0 billion multifamily held-for-investment loans for which we have elected the fair value option as of December 31, 2025.

Single-Family Mortgage Credit Risk

We manage our exposure to Single-Family mortgage credit risk, which is a type of consumer credit risk, using the following principal strategies:

n Maintaining credit quality of new business activity through eligibility standards, quality control practices, and monitoring seller/servicer performance;

n Obtaining credit enhancements and transferring credit risk to third-party investors;

n Monitoring loan performance and characteristics;

n Engaging in loss mitigation activities; and

n Managing foreclosure and REO activities.

Credit Quality of New Business Activity

We employ multiple strategies to maintain loan quality:

n Our eligibility requirements are set forth in our underwriting standards, which are published in our Guide and in various contracts with sellers, and incorporated where practical in Freddie Mac Loan Advisor®. These underwriting standards establish the requirements our sellers apply when originating loans in compliance with representations and warranties to us;

n Loan quality control practices, including post-closing review and our remedy management repurchase process, help to validate that the loan origination process is acceptable to us; and

n Seller/servicer monitoring, including review of their in-house quality control as well as our loan performance monitoring, helps to maintain quality control for loans sold and/or serviced by third parties.

FEDERAL HOME LOAN MORTGAGE CORP 10-K