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Freddie Mac
FMCC
#3433
Rank
$4.10 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$6.32
Share price
-0.47%
Change (1 day)
10.68%
Change (1 year)
๐Ÿ’ณ Financial services
Categories
  1. Freddie Mac
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2024 Q3

Freddie Mac - 10-Q quarterly report FY2024 Q3


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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 FORM 10-Q
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
For the quarterly period ended September 30, 2024
or
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
For the transition period from                                       to
Commission File Number: 001-34139
primarylogoa04.jpg
Federal Home Loan Mortgage Corporation
(Exact name of registrant as specified in its charter)

Federally chartered 
52-0904874
8200 Jones Branch Drive
22102-3110
(703)
903-2000
corporation 
McLean,
Virginia
(State or other jurisdiction of incorporation or organization) 
(I.R.S. Employer
Identification No.)
(Address of principal executive offices)(Zip Code)(Registrant's telephone number,
including area code)
Securities registered pursuant to Section 12(b) of the Act: 
Title of each classTrading Symbol(s)Name of each exchange on which registered
NoneN/AN/A
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    ☒ Yes    ☐ No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    ☒ Yes    ☐ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
 
Large accelerated filer
☐ Accelerated filer☒
 Non-accelerated filer☐ Smaller reporting company☐
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☒
As of October 8, 2024, there were 650,059,553 shares of the registrant's common stock outstanding.

Table of Contents
Table of Contents
Page
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
1
n    Introduction
1
n    Housing and Mortgage Market Conditions
4
n    Consolidated Results of Operations
6
n    Consolidated Balance Sheets Analysis
10
n    Our Portfolios
11
n    Our Business Segments
13
n    Risk Management
22
l Credit Risk
22
l Market Risk
31
n    Liquidity and Capital Resources
34
n    Critical Accounting Estimates
42
n    Regulation and Supervision
43
n    Forward-Looking Statements
45
FINANCIAL STATEMENTS
47
OTHER INFORMATION
96
CONTROLS AND PROCEDURES
98
EXHIBIT INDEX
99
SIGNATURES
100
FORM 10-Q INDEX
101
Freddie Mac 3Q 2024 Form 10-Q
i
Table of Contents
MD&A TABLE INDEX
TableDescriptionPage
1Summary of Consolidated Statements of Income and Comprehensive Income
6
2Components of Net Interest Income
6
3Analysis of Net Interest Yield
7
4Components of Non-Interest Income
8
5(Provision) Benefit for Credit Losses
8
6Components of Non-Interest Expense
9
7Summarized Condensed Consolidated Balance Sheets
10
8Mortgage Portfolio
11
9Mortgage-Related Investments Portfolio
12
10Other Investments Portfolio
12
11Single-Family Segment Financial Results
17
12Multifamily Segment Financial Results
21
13Allowance for Credit Losses Activity
23
14Allowance for Credit Losses Ratios
23
15Single-Family New Business Activity
24
16Single-Family Mortgage Portfolio Newly Acquired Credit Enhancements
25
17Single-Family Mortgage Portfolio Credit Enhancement Coverage Outstanding
25
18
Serious Delinquency Rates for Credit-Enhanced and Non-Credit-Enhanced Loans in Our Single-Family Mortgage Portfolio
26
19Credit Quality Characteristics of Our Single-Family Mortgage Portfolio
27
20Single-Family Mortgage Portfolio Attribute Combinations
27
21Single-Family Completed Loan Workout Activity
29
22Multifamily Mortgage Portfolio CRT Issuance
30
23Credit-Enhanced and Non-Credit-Enhanced Loans Underlying Our Multifamily Mortgage Portfolio
31
24Credit Quality of Our Multifamily Mortgage Portfolio Without Credit Enhancement
31
25PVS-YC and PVS-L Results Assuming Shifts of the Yield Curve
32
26Duration Gap and PVS Results
32
27PVS-L Results Before Derivatives and After Derivatives
32
28Earnings Sensitivity to Changes in Interest Rates
33
29Liquidity Sources
34
30Funding Sources
35
31Debt of Freddie Mac Activity
35
32Maturity and Redemption Dates
36
33Debt of Consolidated Trusts Activity
37
34Net Worth Activity
38
35Regulatory Capital Components
39
36Statutory Capital Components
39
37
Capital Metrics Under ERCF
40
38Forecasted House Price Growth Rates
42
39Current and Proposed 2025-2027 Affordable Housing Goal Benchmark Levels
43
402023 and 2022 Affordable Housing Goals Results
43
Freddie Mac 3Q 2024 Form 10-Q
ii
Management's Discussion and AnalysisIntroduction
Management's Discussion and Analysis of Financial Condition and Results of Operations
This Quarterly Report on Form 10-Q includes forward-looking statements that are based on current expectations and that are subject to significant risks and uncertainties. These forward-looking statements are made as of the date of this Form 10-Q. We undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date of this Form 10-Q. Actual results might differ significantly from those described in or implied by such statements due to various factors and uncertainties, including those described in the MD&A - Forward-Looking Statements section of this Form 10-Q and the Introduction and Risk Factors sections of our Annual Report on Form 10-K for the year ended December 31, 2023, or 2023 Annual Report.
Throughout this Form 10-Q, we use certain acronyms and terms that are defined in the Glossary of our 2023 Annual Report.
You should read the following MD&A in conjunction with our 2023 Annual Report and our condensed consolidated financial statements and accompanying notes for the three and nine months ended September 30, 2024 included in Financial Statements.
INTRODUCTION
Freddie Mac is a GSE chartered by Congress in 1970, with a mission to provide liquidity, stability, and affordability to the U.S. housing market. We do this primarily by purchasing single-family and multifamily residential mortgage loans originated by lenders. In most instances, we package these loans into guaranteed mortgage-related securities, which are sold in the global capital markets, and transfer interest-rate and liquidity risks to third-party investors. In addition, we transfer a portion of our mortgage credit risk exposure to third-party investors through our credit risk transfer programs, which include securities- and insurance-based offerings. We also invest in mortgage loans, mortgage-related securities, and other types of assets. We do not originate mortgage loans or lend money directly to mortgage borrowers.
We support the U.S. housing market and the overall economy by enabling America's families to access mortgage loan funding with better terms and by providing consistent liquidity to the single-family and multifamily mortgage markets. We have helped many distressed borrowers keep their homes or avoid foreclosure and have helped many distressed renters avoid eviction.
Since September 2008, we have been operating in conservatorship, with FHFA as our Conservator. The conservatorship and related matters significantly affect our management, business activities, financial condition, and results of operations. Our future is uncertain, and the conservatorship has no specified termination date. We do not know what changes may occur to our business model during or following conservatorship, including whether we will continue to exist. In connection with our entry into conservatorship, we entered into the Purchase Agreement with Treasury, under which we issued Treasury both senior preferred stock and a warrant to purchase common stock. Our Purchase Agreement with Treasury is critical to keeping us solvent and avoiding the appointment of a receiver by FHFA under statutory mandatory receivership provisions. We believe the support provided by Treasury pursuant to the Purchase Agreement currently enables us to have adequate liquidity to conduct normal business activities. For additional information on the conservatorship and related matters and the Purchase Agreement, see our 2023 Annual Report.

Freddie Mac 3Q 2024 Form 10-Q
1
Management's Discussion and AnalysisIntroduction
Business Results
Consolidated Financial Results
Net Revenues and Net Income
(In billions)
46
Net Worth
(In billions)
152
Key Drivers:
n    Net income was $3.1 billion, an increase of $420 million year-over-year, primarily driven by a decline in non-interest expense, as the prior period included a $313 million additional expense accrual.
n    Net revenues were $5.8 billion, an increase of 3% year-over-year, primarily driven by higher net interest income.
n    Net worth was $56.4 billion as of September 30, 2024, up from $44.7 billion as of September 30, 2023. The quarterly increases in net worth have been, or will be, added to the aggregate liquidation preference of the senior preferred stock. The liquidation preference of the senior preferred stock was $125.9 billion on September 30, 2024, and will increase to $129.0 billion on December 31, 2024 based on the increase in net worth in 3Q 2024.
Market Liquidity
                      Market Liquidity
(In thousands)
75
We support the U.S. housing market by executing our mission to provide liquidity and help maintain credit availability for new and refinanced single-family mortgages as well as for rental housing. We provided $113 billion in liquidity to the mortgage market in 3Q 2024, which enabled the financing of 415,000 home purchases, refinancings, and rental units.

Freddie Mac 3Q 2024 Form 10-Q
2
Management's Discussion and AnalysisIntroduction
Mortgage Portfolio Balances

Mortgage Portfolio
(UPB in billions)
41
Key Drivers:
n    Our mortgage portfolio increased 2% year-over-year to $3.5 trillion at September 30, 2024, continuing to grow at a moderate pace.
l    Our Single-Family mortgage portfolio was $3.1 trillion at September 30, 2024, up 2% year-over-year.
l    Our Multifamily mortgage portfolio was $452 billion at September 30, 2024, up 5% year-over-year.
Credit Enhancement Coverage
Single-Family Mortgage Portfolio with Credit Enhancement
(UPB in billions)
81
Multifamily Mortgage Portfolio with Credit Enhancement
(UPB in billions)
157
In addition to transferring interest-rate and liquidity risk to third-party investors through our securitization activities, we engage in various types of credit enhancements, such as primary mortgage insurance and CRT transactions, to reduce our credit risk exposure and transfer a portion of the credit risk on certain loans in our mortgage portfolio to third parties. At September 30, 2024, we had credit enhancement coverage on 62% of our Single-Family mortgage portfolio and 93% of our Multifamily mortgage portfolio. See MD&A - Risk Management – Credit Risk for additional information on our credit enhancements.

Freddie Mac 3Q 2024 Form 10-Q
3
Management's Discussion and AnalysisHousing and Mortgage Market Conditions
HOUSING AND MORTGAGE MARKET CONDITIONS
The following charts present certain housing and mortgage market indicators that can significantly affect our business and financial results. Certain market and macroeconomic prior period data have been updated to reflect revised historical data. For additional information on the effect of these indicators on our business and financial results, see MD&A – Consolidated Results of Operations and MD&A – Our Business Segments.
Single-Family
U.S. Single-Family Home Sales and House Prices
105Sources: National Association of Realtors, U.S. Census Bureau, and Freddie Mac House Price Index (seasonally adjusted rate).

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

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


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


Single-Family Mortgage Debt Outstanding

(UPB in trillions)
4
Source: Freddie Mac and Federal Reserve Financial Accounts of the United States of America. The 3Q 2024 U.S. single-family mortgage debt outstanding balance is not yet available.
Freddie Mac 3Q 2024 Form 10-Q
4
Management's Discussion and AnalysisHousing and Mortgage Market Conditions
Multifamily
Apartment Vacancy Rates and Change in Effective Rents
58Source: Reis.


Multifamily Quarterly Property Price Growth Rate

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


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



Multifamily Mortgage Debt Outstanding
(UPB in billions)
520Source: Freddie Mac and Federal Reserve Financial Accounts of the United States of America. The 3Q 2024 U.S. multifamily mortgage debt outstanding balance is not yet available.
Freddie Mac 3Q 2024 Form 10-Q
5
Management's Discussion and AnalysisConsolidated Results of Operations

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

Freddie Mac 3Q 2024 Form 10-Q
6
Management's Discussion and AnalysisConsolidated Results of Operations

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






Freddie Mac 3Q 2024 Form 10-Q
7
Management's Discussion and AnalysisConsolidated Results of Operations

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








Freddie Mac 3Q 2024 Form 10-Q
8
Management's Discussion and AnalysisConsolidated Results of Operations

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

CONSOLIDATED BALANCE SHEETS ANALYSIS
The table below compares our summarized condensed consolidated balance sheets.
Table 7 - Summarized Condensed Consolidated Balance Sheets
Change
(Dollars in millions)September 30, 2024December 31, 2023$%
Assets:
Cash and cash equivalents$4,857 $6,019 ($1,162)(19)%
Securities purchased under agreements to resell103,110 95,148 7,962 8 
Investment securities, at fair value43,613 43,275 338 1 
Mortgage loans held-for-sale11,678 12,941 (1,263)(10)
Mortgage loans held-for-investment3,140,319 3,083,665 56,654 2 
Accrued interest receivable, net10,561 9,925 636 6 
Deferred tax assets, net4,730 4,076 654 16 
Other assets23,715 25,927 (2,212)(9)
Total assets$3,342,583 $3,280,976 $61,607 2 %
Liabilities and Equity:
Liabilities:
Accrued interest payable$9,222 $8,812 $410 5 %
Debt3,265,267 3,208,346 56,921 2 
Other liabilities11,704 16,096 (4,392)(27)
Total liabilities3,286,193 3,233,254 52,939 2 
Total equity56,390 47,722 8,668 18 
Total liabilities and equity$3,342,583 $3,280,976 $61,607 2 %
Key Drivers:
As of September 30, 2024 compared to December 31, 2023:
n    Securities purchased under agreements to resell increased, driven by a shift from securities sold under agreements to repurchase to debt of Freddie Mac due to lower funding costs. Securities sold under agreements to repurchase are generally offset against securities purchased under agreements to resell on our condensed consolidated balance sheets.
n    Mortgage loans held-for-investment increased primarily due to growth in our Single-Family mortgage portfolio.
n    Debt increased primarily due to an increase in debt of consolidated trusts driven by growth in our Single-Family mortgage portfolio.




Freddie Mac 3Q 2024 Form 10-Q
10
Management's Discussion and AnalysisOur Portfolios
OUR PORTFOLIOS
Mortgage Portfolio
The table below presents the UPB of our mortgage portfolio by segment.
Table 8 - Mortgage Portfolio
September 30, 2024December 31, 2023
(In millions)Single-FamilyMultifamilyTotalSingle-FamilyMultifamilyTotal
Mortgage loans held-for-investment:
By consolidated trusts$2,997,105$60,202$3,057,307$2,963,296$47,433$3,010,729
By Freddie Mac43,91112,50756,41833,21311,77044,983
Total mortgage loans held-for-investment3,041,016 72,709 3,113,725 2,996,509 59,203 3,055,712 
Mortgage loans held-for-sale2,803 9,051 11,854 3,527 9,905 13,432 
Total mortgage loans3,043,819 81,760 3,125,579 3,000,036 69,108 3,069,144 
Mortgage-related guarantees:
Mortgage loans held by nonconsolidated trusts30,287 359,166 389,453 30,182 360,928 391,110 
Other mortgage-related guarantees8,126 11,190 19,316 8,692 10,761 19,453 
Total mortgage-related guarantees38,413 370,356 408,769 38,874 371,689 410,563 
Total mortgage portfolio$3,082,232 $452,116 $3,534,348 $3,038,910 $440,797 $3,479,707 
Guaranteed mortgage-related securities:
Issued by consolidated trusts$3,009,915$60,201$3,070,116$2,970,707$47,436$3,018,143
Issued by nonconsolidated trusts24,684320,710345,39424,600321,262345,862
Total guaranteed mortgage-related securities$3,034,599 $380,911 $3,415,510 $2,995,307 $368,698 $3,364,005 
Investments Portfolio
Our investments portfolio consists of our mortgage-related investments portfolio and our other investments portfolio.
Mortgage-Related Investments Portfolio
The Purchase Agreement limits the size of our mortgage-related investments portfolio to a maximum amount of $225 billion. The calculation of mortgage assets subject to the Purchase Agreement cap includes the UPB of mortgage assets and 10% of the notional value of interest-only securities. We are also subject to additional limitations on the size and composition of our mortgage-related investments portfolio pursuant to FHFA guidance. For additional information on the restrictions on our mortgage-related investments portfolio, see the MD&A - Conservatorship and Related Matters section in our 2023 Annual Report.
Freddie Mac 3Q 2024 Form 10-Q
11
Management's Discussion and AnalysisOur Portfolios
The table below presents the details of our mortgage-related investments portfolio.
Table 9 - Mortgage-Related Investments Portfolio
September 30, 2024December 31, 2023
(In millions)Single-FamilyMultifamilyTotalSingle-FamilyMultifamilyTotal
Unsecuritized mortgage loans:
Securitization pipeline loans(1)
$16,243 $15,199 $31,442 $8,225 $15,197 $23,422 
Other loans(2)
30,471 6,359 36,830 28,515 6,478 34,993 
Total unsecuritized mortgage loans46,714 21,558 68,272 36,74021,67558,415
Mortgage-related securities:
Investment securities2,906 4,245 7,151 2,667 4,613 7,280 
Debt of consolidated trusts18,319 637 18,956 18,639 660 19,299 
Total mortgage-related securities21,225 4,882 26,107 21,306 5,273 26,579 
Mortgage-related investments portfolio$67,939 $26,440 $94,379 $58,046 $26,948 $84,994 
10% of notional amount of interest-only securities$22,580$22,186
Mortgage-related investments portfolio for purposes of Purchase Agreement cap116,959107,180
(1)Single-family and multifamily loans that we have purchased for cash and aggregate on our balance sheet for securitization within the normal course of business.
(2)Primarily includes delinquent and modified single-family loans that we have purchased from securitization trusts.
Other Investments Portfolio
The table below presents the details of the carrying value of our other investments portfolio.
Table 10 - Other Investments Portfolio
September 30, 2024December 31, 2023
(In millions)Liquidity and Contingency Operating PortfolioCustodial AccountOtherTotal Other Investments PortfolioLiquidity and Contingency Operating PortfolioCustodial AccountOtherTotal Other Investments Portfolio
Cash and cash equivalents$3,638 $1,106 $113 $4,857 $5,041 $890 $88 $6,019 
Securities purchased under
agreements to resell
89,903 13,429 1,888 105,220 94,904 9,396 1,093 105,393 
Non-mortgage related securities(1)
24,531 — 6,000 30,531 24,153 — 6,119 30,272 
Other assets— — 6,530 6,530 — — 5,555 5,555 
Other investments portfolio$118,072 $14,535 $14,531 $147,138 $124,098 $10,286 $12,855 $147,239 
(1)Primarily consists of U.S. Treasury securities.
Freddie Mac 3Q 2024 Form 10-Q
12
Management's Discussion and AnalysisOur Business Segments

OUR BUSINESS SEGMENTS
As shown in the table below, we have two reportable segments, which are based on the way we manage our business.
SegmentDescription
Single-Family
Reflects results from our purchase, securitization, and guarantee of single-family loans, our investments in single-family loans and mortgage-related securities, the management of Single-Family mortgage credit risk and market risk, and any results of our treasury function that are not allocated to each segment.
Multifamily
Reflects results from our purchase, securitization, and guarantee of multifamily loans, our investments in multifamily loans and mortgage-related securities, and the management of Multifamily mortgage credit risk and market risk.
Segment Net Revenues and Net Income
The charts below show our net revenues and net income by segment.
Segment Net Revenues
(In billions)38
Segment Net Income
(In billions)72
Freddie Mac 3Q 2024 Form 10-Q
13
Management's Discussion and Analysis
Our Business Segments | Single-Family
Single-Family
Business Results
The charts, tables, and related discussion below present the business results of our Single-Family segment.
New Business Activity
UPB of Single-Family Loan Purchases and Guarantees by Loan Purpose and Average Estimated Guarantee Fee Rate(1) on New Acquisitions
(UPB in billions)152
(1)Estimated guarantee fee rate calculation excludes the legislated guarantee fees and includes deferred fees recognized over the estimated life of the related loans.
Number of Families Helped to Own a Home and Average Loan UPB of New Acquisitions

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



Freddie Mac 3Q 2024 Form 10-Q
14
Management's Discussion and Analysis
Our Business Segments | Single-Family
Single-Family Mortgage Portfolio
Single-Family Mortgage Portfolio and Average Estimated Guarantee Fee Rate(1) on Mortgage Portfolio
(UPB in billions)120
(1)Estimated guarantee fee rate is calculated as of acquisition and includes deferred fees recognized over the estimated life of the related loans. Estimated guarantee fee rate calculation excludes the legislated guarantee fees and certain loans, the majority of which are held by VIEs that we do not consolidate. The UPB of these excluded loans was $40 billion as of September 30, 2024.
Single-Family Mortgage Loans
(Loan count in millions)537
n    Our Single-Family mortgage portfolio was $3.1 trillion at September 30, 2024, up 2% year-over-year. The mortgage portfolio continued to grow at a moderate pace.
n    The average estimated guarantee fee rate on our Single-Family mortgage portfolio increased slightly year-over-year.
Freddie Mac 3Q 2024 Form 10-Q
15
Management's Discussion and Analysis
Our Business Segments | Single-Family
Credit Enhancements
We obtain credit enhancements on a portion of our Single-Family mortgage portfolio to reduce the risk of future losses to us when borrowers default. The charts below provide the UPB of the mortgage loans acquired during the periods presented that were covered by primary mortgage insurance, the UPB of the mortgage loans covered by CRT transactions issued during the periods presented, and maximum coverage related to these credit enhancements. The primary mortgage insurance and CRT activities presented in these charts are not mutually exclusive as a single loan may be covered by both primary mortgage insurance and CRT transactions.
New Acquisitions Covered by Primary Mortgage Insurance
(In billions)72
New CRT Issuance
(In billions)104
n    3Q 2024 vs. 3Q 2023 and YTD 2024 vs. YTD 2023
l    The UPB of mortgage loans acquired during 3Q 2024 that were covered by primary mortgage insurance increased year-over-year.
l    The UPB of mortgage loans covered by CRT transactions and related maximum coverage issued during the 2024 periods increased due to changes in business strategy in the 2023 periods that increased the timeline between loan acquisition and CRT issuance and resulted in a smaller population of loans that were covered by CRT transactions issued in the 2023 periods.
See MD&A - Risk Management - Single-Family Mortgage Credit Risk - Transferring Credit Risk to Third-Party Investors for additional information on our credit enhancements.
Freddie Mac 3Q 2024 Form 10-Q
16
Management's Discussion and Analysis
Our Business Segments | Single-Family
Financial Results
The table below presents the results of operations for our Single-Family segment. See Note 11 for additional information about segment financial results.
Table 11 - Single-Family Segment Financial Results
ChangeChange
(Dollars in millions)3Q 20243Q 2023$
%(1)
YTD 2024YTD 2023$
%(1)
Net interest income$4,692 $4,534 $158 3%$13,815 $13,125 $690 5 %
Non-interest income364 393 (29)(7)809 365 444 122
Net revenues5,056 4,927 129 314,624 13,490 1,134 8 
(Provision) benefit for credit losses99 304 (205)(67)(336)624 (960)NM
Non-interest expense (1,966)(2,310)344 15(5,812)(6,121)309 5 
Income before Income tax expense3,189 2,921 268 98,476 7,993 483 6 
Income tax expense(616)(598)(18)(3)(1,674)(1,612)(62)(4)
Net income2,573 2,323 250 116,802 6,381 421 7 
Other comprehensive income (loss), net of taxes and reclassification adjustments10 (6)16 NM— (5)5 NM
Comprehensive income$2,583 $2,317 $266 11%$6,802 $6,376 $426 7 %
(1)NM - not meaningful.
Key Business Drivers:
n 3Q 2024 vs. 3Q 2023
l    Net income of $2.6 billion, up 11% year-over-year.
–Net revenues were $5.1 billion, up 3% year-over-year. Net interest income was $4.7 billion, up 3% year-over-year, primarily driven by lower expense related to debt in hedge accounting relationships.
–Benefit for credit losses was $0.1 billion for 3Q 2024, primarily driven by a credit reserve release as a result of lower mortgage interest rates. The benefit for credit losses of $0.3 billion for 3Q 2023 was primarily driven by a credit reserve release due to improvements in house prices.
–Non-interest expense was $2.0 billion, down $344 million year-over-year, as 3Q 2023 included an allocation of $250 million for the $313 million accrual for the adverse judgment at trial.
n YTD 2024 vs. YTD 2023
l    Net income of $6.8 billion, up 7% year-over-year.
–Net revenues were $14.6 billion, up 8% year-over-year.
◦Net interest income was $13.8 billion, up 5% year-over-year, primarily driven by continued mortgage portfolio growth and lower expense related to debt in hedge accounting relationships.
◦Non-interest income was $0.8 billion, up from $0.4 billion in YTD 2023, due to impacts from interest-rate risk management activities.
–Provision for credit losses was $0.3 billion for YTD 2024, primarily driven by a credit reserve build attributable to new acquisitions. The benefit for credit losses of $0.6 billion for YTD 2023 was primarily driven by a credit reserve release due to improvements in house prices.

Freddie Mac 3Q 2024 Form 10-Q
17
Management's Discussion and Analysis
Our Business Segments | Multifamily

Multifamily
Business Results
The charts, tables, and related discussion below present the business results of our Multifamily segment.
New Business Activity
New Business Activity
(In billions)
225
Total Number of Rental Units Financed(1)
(In thousands)306
(1) Includes rental units financed by supplemental loans.

Key Drivers:
n    3Q 2024 vs. 3Q 2023 and YTD 2024 vs. YTD 2023 - Our new business activity increased in the 2024 periods primarily driven by lower mortgage interest rates. Approximately 64% of YTD 2024 activity, based on UPB, was mission-driven affordable housing, exceeding FHFA's minimum requirement of 50%.
n    Our index lock agreements and outstanding commitments to purchase or guarantee multifamily assets were $25.8 billion and $17.1 billion as of September 30, 2024 and September 30, 2023, respectively.
Freddie Mac 3Q 2024 Form 10-Q
18
Management's Discussion and Analysis
Our Business Segments | Multifamily

Multifamily Mortgage Portfolio and Guarantee Exposure

Mortgage Portfolio
(In billions)
274
Guarantee Exposure
(In billions) 475
Key Drivers:
n    3Q 2024 vs. 3Q 2023
l    Our mortgage portfolio increased by 5% year-over-year, driven by our new business activity, coupled with lower prepayment volume.
l    Our guarantee exposure increased by 5% year-over-year, as our new mortgage-related security guarantees outpaced paydowns.
l    The average guarantee fee rate on our guarantee exposures increased year-over-year, primarily due to continued issuances of fully-guaranteed securitization transactions for which we charge higher guarantee fee rates.
n    In addition to our Multifamily mortgage portfolio, we have investments in LIHTC partnerships with carrying values totaling $3.8 billion and $3.5 billion as of September 30, 2024 and December 31, 2023, respectively.
Freddie Mac 3Q 2024 Form 10-Q
19
Management's Discussion and Analysis
Our Business Segments | Multifamily

Credit Enhancement Activities
UPB Covered by New CRT Issuance New CRT Issuance Maximum Coverage
(In billions) (In billions)
341
358
Key Drivers:
n    3Q 2024 vs. 3Q 2023 and YTD 2024 vs. YTD 2023
l While the UPB of mortgage loans covered by new CRT transactions and the related maximum coverage was lower in the 2024 periods compared to the 2023 periods, we continue to transfer a substantial amount of the expected and stressed credit risk on the Multifamily mortgage portfolio.
See MD&A - Our Business Segments - Multifamily in our 2023 Annual Report and MD&A - Risk Management - Multifamily Mortgage Credit Risk - Transferring Credit Risk to Third-Party Investors in this Form 10-Q for more information on credit risk transfer transactions and credit enhancements on our Multifamily mortgage portfolio.

Freddie Mac 3Q 2024 Form 10-Q
20
Management's Discussion and Analysis
Our Business Segments | Multifamily

Financial Results
The table below presents the results of operations for our Multifamily segment. See Note 11 for additional information about segment financial results.
Table 12 - Multifamily Segment Financial Results
ChangeChange
(Dollars in millions)3Q 20243Q 2023$
%(1)
YTD 2024YTD 2023$
%(1)
Net interest income$307 $215 $92 43 %$871 $648 $223 34 %
Non-interest income475 548 (73)(13)2,088 1,718 370 22 
Net revenues782 763 19 2 2,959 2,366 593 25 
(Provision) benefit for credit losses92 (41)133 NM(48)(219)171 78 
Non-interest expense(217)(266)49 18 (627)(591)(36)(6)
Income before income tax expense657 456 201 44 2,284 1,556 728 47 
Income tax expense(125)(94)(31)(33)(450)(313)(137)(44)
Net income532 362 170 47 1,834 1,243 591 48 
Other comprehensive income (loss), net of taxes and reclassification adjustments52 25 27 108 32 24 8 33 
Comprehensive income$584 $387 $197 51 %$1,866 $1,267 $599 47 %
(1)NM - not meaningful.
Key Drivers:
n    3Q 2024 vs. 3Q 2023
l    Net income of $0.5 billion, up 47% year-over-year.
–Net revenues of $0.8 billion, up 2% year-over-year, driven by higher net interest income, partially offset by lower non-interest income.
–Benefit for credit losses of $92 million for 3Q 2024, primarily driven by a credit reserve release due to enhancements in our credit loss estimation process.
–Non-interest expense was $217 million, down $49 million year-over-year, as the prior year period included an allocation of $63 million for the $313 million accrual for the adverse judgment at trial.
n    YTD 2024 vs. YTD 2023
l Net income of $1.8 billion, up 48% year-over-year.
–Net revenues of $3.0 billion, up 25% year-over-year.
◦Net interest income was $0.9 billion, up 34% year-over-year, primarily driven by continued mortgage portfolio growth.
◦Non-interest income was $2.1 billion, up 22% year-over-year, primarily driven by higher revenues from guarantee income and held-for-sale loan purchase and securitization activities, coupled with lower realized losses on sales of available-for-sale securities.
–Provision for credit losses of $48 million for YTD 2024, driven by deterioration in overall loan performance, partially offset by a credit reserve release due to enhancements in our credit loss estimation process.
Freddie Mac 3Q 2024 Form 10-Q
21
Management's Discussion and AnalysisRisk Management


RISK MANAGEMENT
To achieve our mission, we take risks as an integral part of our business activities. We are exposed to the following key types of risk: credit risk, market risk, liquidity risk, operational risk, compliance risk, legal risk, strategic risk, and reputation risk.
Credit Risk
Allowance for Credit Losses
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 severe weather events and other 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 severe weather events and other natural disasters), and current and forecasted economic and multifamily market conditions. During 3Q 2024, we made enhancements to our credit loss estimation process. These changes did not have a material impact on our financial position or results of operations. Beginning in 3Q 2024, loan characteristics considered by our model include vintage, loan term, current DSCR, current net operating income (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 prepayments and 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.
Freddie Mac 3Q 2024 Form 10-Q
22
Management's Discussion and AnalysisRisk Management
The tables below present a summary of the changes in our allowance for credit losses and key allowance for credit losses ratios.
Table 13 - Allowance for Credit Losses Activity
3Q 20243Q 2023YTD 2024YTD 2023
(Dollars in millions) Single-FamilyMulti-familyTotalSingle-FamilyMulti-familyTotalSingle-FamilyMulti-familyTotalSingle-FamilyMulti-familyTotal
Allowance for credit losses:
Beginning balance$6,760 $587 $7,347 $7,457 $325 $7,782 $6,402 $447 $6,849 $7,746 $147 $7,893 
Provision (benefit) for credit losses(99)(92)(191)(304)41 (263)336 48 384 (624)219 (405)
  Charge-offs(75)— (75)(221)— (221)(367)— (367)(422)— (422)
  Recoveries collected39 — 39 54 — 54 89 — 89 115 — 115 
Net charge-offs(36)— (36)(167)— (167)(278)— (278)(307)— (307)
Other(1)
72 — 72 80 — 80 237 — 237 251 — 251 
Ending balance$6,697 $495 $7,192 $7,066 $366 $7,432 $6,697 $495 $7,192 $7,066 $366 $7,432 
Average loans outstanding during the period(2)
$3,062,970$67,309$3,130,279$3,008,592$51,500$3,060,092$3,045,392$62,495$3,107,887$2,995,238$49,186$3,044,424 
Net charge-offs to average loans outstanding— %— %— %0.01 %— %0.01 %0.01 %— %0.01 %0.01 %— %0.01 %
Components of ending balance of allowance for credit losses:
Mortgage loans held-for-investment$6,392 $345 $6,737 $6,668 $280 $6,948 
Other(3)
305 150 455 398 86 484 
Total ending balance$6,697 $495 $7,192 $7,066 $366 $7,432 
(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.
(3)Includes allowance for credit losses related to advances of pre-foreclosure costs and off-balance sheet credit exposures.
Table 14 - Allowance for Credit Losses Ratios
September 30, 2024December 31, 2023
(Dollars in millions) Single-FamilyMultifamilyTotalSingle-FamilyMultifamilyTotal
Allowance for credit losses ratios:
Allowance for credit losses(1) to total loans outstanding
0.21 %0.49 %0.21 %0.20 %0.57 %0.21 %
Non-accrual loans to total loans outstanding0.45 0.16 0.44 0.44 0.11 0.44 
Allowance for credit losses to non-accrual loans46.68 302.63 48.80 45.01 509.38 47.20 
Balances:
Allowance for credit losses on mortgage loans held-for-investment$6,392 $345 $6,737 $6,057 $326 $6,383 
Total loans outstanding(2)
3,074,681 70,004 3,144,685 3,031,136 57,107 3,088,243 
Non-accrual loans(2)
13,692 114 13,806 13,458 64 13,522 
(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.
Single-Family Mortgage Credit Risk
Maintaining Prudent Eligibility Standards and Quality Control Practices and Managing Seller/Servicer Performance
Loan Purchase Credit Characteristics
We monitor and evaluate market conditions that could affect the credit quality of our single-family loan purchases. Additionally, when managing our new acquisitions, we consider our risk limits and guidance from FHFA and capital requirements under the ERCF. This may affect the volume and characteristics of our loan acquisitions.
Freddie Mac 3Q 2024 Form 10-Q
23
Management's Discussion and AnalysisRisk Management


The charts below show the credit profile of the single-family loans we purchased.
Weighted Average Original LTV Ratio 148
Weighted Average Original Credit Score(1)191
(1)Weighted average original credit score is generally based on three credit bureaus (Equifax, Experian, and TransUnion).
Weighted Average Original DTI Ratio348
The table below contains additional information about the single-family loans we purchased.
Table 15 - Single-Family New Business Activity
3Q 20243Q 2023YTD 2024YTD 2023
(Dollars in millions)Amount% of TotalAmount% of TotalAmount% of TotalAmount% of Total
20- and 30-year, amortizing fixed-rate$93,999 96 %$81,696 95 %$234,609 95 %$215,895 95 %
15-year or less, amortizing fixed-rate3,444 3 3,269 4 8,758 4 8,521 4 
Adjustable-rate800 1 466 1 2,384 1 2,830 1 
Total$98,243 100 %$85,431 100 %$245,751 100 %$227,246 100 %
Percentage of purchases
DTI ratio > 45%29 %29 %30 %26 %
Original LTV ratio > 90%24 26 25 27 
Transaction type:
Guarantor swap64 70 65 71 
Cash window36 30 35 29 
Property type:
Detached single-family houses and townhouses92 91 91 91 
Condominium or co-op8 9 9 9 
Occupancy type:
Primary residence93 93 93 93 
Second home2 2 2 2 
Investment property5 5 5 5 
Loan purpose:
Purchase86 89 86 88 
Cash-out refinance8 8 8 8 
   Other refinance6 3 6 4 

Freddie Mac 3Q 2024 Form 10-Q
24
Management's Discussion and AnalysisRisk Management


Transferring Credit Risk to Third-Party Investors
We engage in various credit enhancement arrangements to reduce our credit risk exposure on our single-family loans.
Single-Family Mortgage Portfolio Newly Acquired Credit Enhancements
The table below provides the UPB of the mortgage loans acquired during the periods presented that were covered by primary mortgage insurance, the UPB of the mortgage loans covered by CRT transactions issued during the periods presented, and maximum coverage related to these newly acquired credit enhancements.
Table 16 - Single-Family Mortgage Portfolio Newly Acquired Credit Enhancements
3Q 20243Q 2023
(In millions)
UPB(1)(2)
Maximum Coverage(3)(4)
UPB(1)(2)
Maximum Coverage(3)(4)
Primary mortgage insurance$37,774 $9,961 $35,006 $9,263 
CRT transactions:
STACR 33,282 853 — — 
ACIS10,402 376 7,123 255 
Other776 150 546 103 
Total CRT issuance$44,460 $1,379 $7,669 $358 
YTD 2024YTD 2023
(In millions)
UPB(1)(2)
Maximum Coverage(3)(4)
UPB(1)(2)
Maximum Coverage(3)(4)
Primary mortgage insurance$97,532 $25,717 $96,807 $25,516 
CRT transactions:
STACR106,764 3,142 63,331 2,202 
ACIS36,251 1,269 14,716 548 
Other1,864 377 666 223 
Total CRT issuance$144,879 $4,788 $78,713 $2,973 
(1)    Represents the UPB of the mortgage assets, reference pool, or securitization trust, as applicable.
(2)    The primary mortgage insurance and CRT transactions presented in this table are not mutually exclusive as a single loan may be covered by both primary mortgage insurance and CRT transactions.
(3)    For primary mortgage insurance, represents the coverage as of the related loan acquisition. For STACR transactions, represents the balance held by third parties at issuance. For ACIS transactions, represents the aggregate limit of insurance purchased from third parties at issuance.
(4)    The credit risk positions to which the maximum coverage applies may vary on a transaction-by-transaction basis.
Single-Family Mortgage Portfolio Credit Enhancement Coverage Outstanding
The table below provides information on the UPB and maximum coverage associated with credit-enhanced loans in our Single-Family mortgage portfolio.
Table 17 - Single-Family Mortgage Portfolio Credit Enhancement Coverage Outstanding
September 30, 2024
(Dollars in millions)
UPB(1)
% of Portfolio
Maximum Coverage(2)(3)
Primary mortgage insurance(4)
$650,360 21 %$171,891 
STACR 1,200,574 39 29,278 
ACIS764,153 25 16,610 
Other39,370 1 10,736 
Less: UPB with multiple credit enhancements and other reconciling items(5)
(757,841)(24)— 
Single-Family mortgage portfolio - credit-enhanced1,896,616 62 228,515 
Single-Family mortgage portfolio - non-credit-enhanced1,185,616 38                               N/A
Total$3,082,232 100 %$228,515 
Referenced footnotes are on the next page.
Freddie Mac 3Q 2024 Form 10-Q
25
Management's Discussion and AnalysisRisk Management


December 31, 2023
(Dollars in millions)
UPB(1)
% of Portfolio
Maximum Coverage(2)(3)
Primary mortgage insurance(4)
$637,037 21 %$165,738 
STACR 1,175,837 39 31,222 
ACIS821,048 27 17,647 
Other39,901 1 11,027 
Less: UPB with multiple credit enhancements and other reconciling items(5)
(813,966)(27)— 
Single-Family mortgage portfolio - credit-enhanced1,859,857 61 225,634 
Single-Family mortgage portfolio - non-credit-enhanced1,179,053 39                               N/A
Total$3,038,910 100 %$225,634 
(1)    Represents the current UPB of the mortgage assets, reference pool, or securitization trust, as applicable.
(2)    For STACR transactions, represents the outstanding balance held by third parties. For ACIS transactions, represents the remaining aggregate limit of insurance purchased from third parties.
(3)    The credit risk positions to which the maximum coverage applies may vary on a transaction-by-transaction basis.
(4)    Amounts exclude certain loans for which we do not control servicing, as the coverage information for these loans is not readily available to us.
(5)    Other reconciling items primarily include timing differences in reporting cycles between the UPB of certain CRT transactions and the UPB of the underlying loans.
Credit Enhancement Coverage Characteristics
The table below provides the serious delinquency rates for the credit-enhanced and non-credit-enhanced loans in our Single-Family mortgage portfolio. The credit-enhanced categories are not mutually exclusive as a single loan may be covered by both primary mortgage insurance and other credit enhancements.
Table 18 - Serious Delinquency Rates for Credit-Enhanced and Non-Credit-Enhanced Loans in Our Single-Family Mortgage Portfolio
September 30, 2024December 31, 2023
(% of portfolio based on UPB)(1)
% of Portfolio(2)
SDQ Rate
% of Portfolio(2)
SDQ Rate
Credit-enhanced:
   Primary mortgage insurance21 %0.98 %21 %0.95 %
   CRT and other55 0.59 55 0.60 
Non-credit-enhanced38 0.41 39 0.42 
TotalN/A0.54 N/A0.55 
(1)Excludes loans underlying certain securitization products for which loan-level data is not available.
(2)Percentages do not total to 100% as a single loan may be included in multiple line items.
Credit Enhancement Recoveries
Our expected recovery receivable from freestanding credit enhancements was $0.1 billion as of both September 30, 2024 and December 31, 2023.
Updates to Private Mortgage Insurer Eligibility Requirements
During 3Q 2024, Freddie Mac, in coordination with FHFA and in alignment with Fannie Mae, issued updates to the Private Mortgage Insurer Eligibility Requirements (PMIERs), the financial and operational standards that private mortgage insurance companies must meet to be an approved insurer and provide mortgage guaranty insurance on mortgage loans acquired by the Enterprises. The updates to PMIERs relate to the standards for available assets held by mortgage insurers to pay claims to ensure that these assets are high quality, highly liquid, and readily available when needed. The updated standards differentiate between bonds based on credit quality and liquidity, and also establish limits for assets backed by residential mortgages or commercial real estate, to mitigate the impact if such assets lose value during periods of housing stress. The updates will be implemented through a 24-month phased-in approach, and be fully effective on September 30, 2026.

Freddie Mac 3Q 2024 Form 10-Q
26
Management's Discussion and AnalysisRisk Management


Monitoring Loan Performance and Characteristics
We review loan performance, including delinquency statistics and related loan characteristics, in conjunction with housing market and economic conditions, to assess credit risk when estimating our allowance for credit losses.
Loan Characteristics
The table below contains details of the characteristics of the loans in our Single-Family mortgage portfolio.
Table 19 - Credit Quality Characteristics of Our Single-Family Mortgage Portfolio
September 30, 2024
(Dollars in millions)UPB
Original Credit
Score(1)
Current Credit
Score(1)(2)
Original
LTV Ratio		Current LTV
Ratio
Single-Family mortgage portfolio year of origination:
2024$218,332 75474978 %77 %
2023263,235 75174979 74 
2022408,698 74674476 66 
2021929,890 75275671 52 
2020678,503 76176871 44 
2019 and prior583,574 73875275 33 
Total$3,082,232 75075574 52 
December 31, 2023
(Dollars in millions)UPB
Original Credit
Score (1)
Current Credit
Score(1)(2)
Original
LTV Ratio		Current LTV
Ratio
Single-Family mortgage portfolio year of origination:
2023$265,072 75174579 %75 %
2022433,252 74574676 68 
2021984,004 75275671 54 
2020719,822 76176871 46 
2019119,557 74675376 46 
2018 and prior517,203 73675175 32 
Total$3,038,910750 755 73 52 
(1)Original credit score is generally based on three credit bureaus (Equifax, Experian, and TransUnion). Current credit score is based on Experian only.
(2)Credit scores for certain recently acquired loans may not have been updated by the credit bureau since the loan acquisition and therefore the original credit scores also represent the current credit scores.
The following table presents the combination of credit score and CLTV ratio attributes of loans in our Single-Family mortgage portfolio.
Table 20 - Single-Family Mortgage Portfolio Attribute Combinations(1)
September 30, 2024
CLTV ≤ 60CLTV > 60 to 80CLTV > 80 to 90CLTV > 90 to 100
CLTV > 100
All Loans
Original credit score% of PortfolioSDQ Rate% of Portfolio
SDQ Rate(2)
% of Portfolio
SDQ Rate(2)
% of Portfolio
SDQ Rate(2)
% of Portfolio
SDQ Rate(2)
% of PortfolioSDQ Rate
740 and above44 %0.15 %15 %0.25 %4 %0.34 %2 %0.31 %— %NM65 %0.18 %
700 to 73913 0.50 5 0.89 2 1.05 1 0.81 — NM21 0.62 
680 to 6994 0.87 2 1.68 — NM— NM— NM6 1.07 
660 to 6793 1.27 1 2.31 — NM— NM— NM4 1.48 
620 to 6592 1.93 1 3.49 — NM— NM— NM3 2.16 
Less than 6201 4.19 — NM— NM— NM— NM1 4.51 
Total67 %0.4724 %0.73 6 %0.803 %0.63 — %NM100 %0.54
Referenced footnotes are on the next page.
Freddie Mac 3Q 2024 Form 10-Q
27
Management's Discussion and AnalysisRisk Management


December 31, 2023
CLTV ≤ 60CLTV > 60 to 80CLTV > 80 to 90CLTV > 90 to 100
CLTV > 100
All Loans
Original credit score% of PortfolioSDQ Rate% of Portfolio
SDQ Rate(2)
% of Portfolio
SDQ Rate(2)
% of Portfolio
SDQ Rate(2)
% of Portfolio
SDQ Rate(2)
% of PortfolioSDQ Rate
740 and above45 %0.16 %15 %0.24 %4 %0.32 %1 %0.27 %— %NM65 %0.18 %
700 to 73913 0.53 5 0.82 2 0.93 1 0.59 — NM21 0.61 
680 to 6994 0.90 2 1.50 — NM— NM— NM6 1.05 
660 to 6793 1.28 1 2.18 — NM— NM— NM4 1.45 
620 to 6592 2.00 1 3.37 — NM— NM— NM3 2.21 
Less than 6201 4.41 — NM— NM— NM— NM1 4.74 
Total68 %0.4924 %0.70 6 %0.722 %0.52 — %NM100 %0.55
(1)     Excludes loans underlying certain securitization products for which original credit score is not available.
(2)     NM - not meaningful due to the percentage of the portfolio rounding to zero.
Geographic Concentrations
We purchase mortgage loans from across the U.S. but do not purchase an equal number of loans from each state, leading to concentrations of credit risk in certain geographic areas. Local economic and other conditions can affect the borrower's ability to repay and the value of the underlying collateral. In addition, certain states and municipalities have passed or may pass laws that limit our ability to foreclose or evict and make it more difficult and costly to manage our risk.
See Note 12 for more information about the geographic distribution of our Single-Family mortgage portfolio.
Delinquency Rates
We report Single-Family delinquency rates based on the number of loans in our Single-Family mortgage portfolio that are past due as reported to us by our servicers as a percentage of the total number of loans in our Single-Family mortgage portfolio.
The chart below presents the delinquency rates of mortgage loans in our Single-Family mortgage portfolio.
380
The percentages of loans that were one month past due and two months past due increased as of September 30, 2024 compared to September 30, 2023. The percentage of loans one month past due can be volatile due to seasonality, whether the last day of the period falls on a weekend, and other factors that may not be indicative of default. As a result, the percentage of loans two months past due tends to be a better early performance indicator than the percentage of loans one month past due.
We have observed a higher serious delinquency rate during the first 12-24 months after origination for loans originated during 2022 and later compared to earlier vintages. See Note 3 for additional information on the payment status of our single-family mortgage loans.
Freddie Mac 3Q 2024 Form 10-Q
28
Management's Discussion and AnalysisRisk Management


Engaging in Loss Mitigation Activities
We offer a variety of borrower assistance programs, including refinance programs for certain eligible loans and loan workout activities for struggling borrowers. For purposes of the disclosure below related to loss mitigation activities, we generally exclude loans for which we do not control servicing. See Note 3 for additional information on our loss mitigation activities. For information on our refinance programs, see the MD&A - Our Business Segments - Single-Family and MD&A - Risk Management - Credit Risk - Single-Family Mortgage Credit Risk sections in our 2023 Annual Report.
Loan Workout Activities
We continue to help struggling families retain their homes or otherwise avoid foreclosure through loan workouts. The table below provides details about the single-family loan workout activities that were completed during the periods presented.
Table 21 - Single-Family Completed Loan Workout Activity
3Q 20243Q 2023
(UPB in millions, loan count in thousands)UPBLoan CountUPBLoan Count
Payment deferral plans$1,748 6$1,995 7
Loan modifications1,637 71,283 6
Forbearance plans and other(1)
1,025 51,225 5
Total $4,410 18$4,503 18
YTD 2024YTD 2023
(UPB in millions, loan count in thousands)UPBLoan CountUPBLoan Count
Payment deferral plans$6,516 24$6,921 27
Loan modifications4,701 193,769 17
Forbearance plans and other(1)
3,262 144,050 18
Total$14,479 57$14,740 62
(1)     The forbearance data is limited to loans in forbearance that were past due based on the loans' original contractual terms and excludes loans included in certain legacy transactions, as the forbearance data for such loans is either not reported to us by the servicers or is otherwise not readily available to us. Other includes repayment plans and foreclosure alternatives.
Our loan workout activity decreased, based on UPB, in the 2024 periods compared to the 2023 periods. Completed loan workout activity includes forbearance plans where borrowers fully reinstated the loan to current status during or at the end of the forbearance period, payment deferral plans, loan modifications, successfully completed repayment plans, short sales, and deeds in lieu of foreclosure. Completed loan workout activity excludes active loss mitigation activity that was ongoing and had not been completed as of the end of the period, such as forbearance plans that had been initiated but not completed and trial period modifications. There were approximately 16,000 loans in active forbearance plans and approximately 14,000 loans in other active loss mitigation activity as of September 30, 2024.
Freddie Mac 3Q 2024 Form 10-Q
29
Management's Discussion and AnalysisRisk Management


Multifamily Mortgage Credit Risk
Completing Our Own Underwriting, Credit and Legal Review for New Business Activity
Our underwriting standards focus on the LTV ratio and DSCR, which estimates the value of the collateral and a borrower's ability to repay the loan using the secured property's cash flows, after expenses. The charts below provide the weighted average original LTV ratio and original DSCR for our new business activity.
Weighted Average Original LTV Ratio 152
Weighted Average Original DSCR(1)
187
(1) Assumes monthly payments that reflect amortization of principal.

Transferring Credit Risk to Third-Party Investors
To reduce our credit risk exposure, we engage in a variety of CRT activities through which we have transferred a substantial amount of the expected and stressed credit risk on the Multifamily mortgage portfolio, thereby reducing our overall credit risk exposure and required capital.
Multifamily Mortgage Portfolio CRT Issuance
The table below provides the UPB of the mortgage loans covered by CRT transactions issued during the periods presented as well as the maximum coverage provided by those transactions.
Table 22 - Multifamily Mortgage Portfolio CRT Issuance
3Q 20243Q 2023YTD 2024YTD 2023
(In millions)
UPB(1)
Maximum Coverage(2)(3)
UPB(1)
Maximum Coverage(2)(3)
UPB(1)
Maximum Coverage(2)(3)
UPB(1)
Maximum Coverage(2)(3)
Subordination$6,606 $405 $8,722 $586 $19,666 $1,164 $23,498 $1,621 
SCR— — 8,224 200 8,171 190 17,026 407 
MCIP— — 8,224 152 24,131 518 15,860 340 
Lender risk-sharing500 46 — — 592 60 560 80 
Less: UPB with more than one type of CRT— — (8,224)— (24,131)— (15,860)— 
Total CRT issuance$7,106 $451 $16,946 $938 $28,429 $1,932 $41,084 $2,448 
(1) Represents the UPB of the assets included in the associated reference pool or securitization trust, as applicable.
(2) For subordination, represents the UPB of the securities that are held by third parties at issuance and are subordinate to the securities we guarantee. For SCR transactions, represents the UPB of securities held by third parties at issuance. For MCIP transactions, represents the aggregate limit of insurance purchased from third parties at issuance. For lender risk-sharing, represents the amount of loss recovery that is available subject to the terms of counterparty agreements at issuance.
(3) The credit risk positions to which the maximum coverage applies may vary on a transaction-by-transaction basis.
Multifamily Mortgage Portfolio Credit Enhancement Coverage Outstanding
While we obtain various forms of credit protection in connection with the acquisition, guarantee, and/or securitization of a loan or group of loans, our principal credit enhancement type is subordination, which is created through our senior subordinate
Freddie Mac 3Q 2024 Form 10-Q
30
Management's Discussion and AnalysisRisk Management


securitization transactions. Our maximum coverage provided by subordination in nonconsolidated VIEs was $38.3 billion and $39.5 billion, as of September 30, 2024 and December 31, 2023, respectively.
The table below presents the UPB and delinquency rates for both credit-enhanced and non-credit-enhanced loans underlying our Multifamily mortgage portfolio.
Table 23 - Credit-Enhanced and Non-Credit-Enhanced Loans Underlying Our Multifamily Mortgage Portfolio
September 30, 2024December 31, 2023
(Dollars in millions)UPBDelinquency RateUPBDelinquency Rate
Credit-enhanced:
Subordination$357,013 0.42 %$358,944 0.26 %
SCR/MCIP54,810 0.14 47,011 0.23 
Other9,341 1.22 8,844 0.89 
Total credit-enhanced421,164 0.40 414,799 0.27 
Non-credit-enhanced30,952 0.21 25,998 0.51 
Total$452,116 0.39 $440,797 0.28 
The Multifamily delinquency rate increased to 0.39% at September 30, 2024, primarily driven by an increase in delinquent floating rate loans including small balance loans that are in their floating rate period. As of September 30, 2024, 96% of the delinquent loans in the Multifamily mortgage portfolio have credit enhancement coverage.
The table below contains details on the loans underlying our Multifamily mortgage portfolio that are not credit-enhanced.
Table 24 - Credit Quality of Our Multifamily Mortgage Portfolio Without Credit Enhancement
September 30, 2024December 31, 2023
(Dollars in millions)UPBDelinquency RateUPBDelinquency Rate
Mortgage loans held-for-sale$7,769 — %$8,823 — %
Mortgage loans held-for-investment:
  Held by Freddie Mac10,529 0.49 9,941 1.21 
  Held by consolidated trusts9,872 0.13 4,851 0.27 
Other mortgage-related guarantees2,782 — 2,383 — 
Total$30,952 0.21 $25,998 0.51 
Market Risk
Overview
Our business segments have embedded exposure to market risk, which is the economic risk associated with adverse changes in interest rates, volatility, and spreads. Market risk can adversely affect future cash flows, or economic value, as well as earnings and net worth. The primary sources of interest-rate risk are our investments in mortgage-related assets, the debt we issue to fund these assets, and our Single-Family guarantees.
Interest-Rate Risk
Our primary interest-rate risk measures are duration gap and Portfolio Value Sensitivity (PVS). Duration gap measures the difference in price sensitivity to interest rate changes between our financial assets and liabilities and is expressed in months relative to the value of assets. PVS is an estimate of the change in the present value of the cash flows of our financial assets and liabilities from an instantaneous shock to interest rates, assuming spreads are held constant and no rebalancing actions are undertaken. PVS is measured in two ways, one measuring the estimated sensitivity of our portfolio value to a 50 bps parallel movement in interest rates (PVS-L) and the other to a non-parallel movement resulting from a 25 bps change in the slope of the yield curve (PVS-YC). While we believe that duration gap and PVS are useful risk management tools, they should be understood as estimates rather than as precise measurements.
The tables below provide our duration gap, estimated point-in-time and minimum and maximum PVS-L and PVS-YC results, and an average of the daily values and standard deviation. The table below also provides PVS-L estimates assuming an immediate 100 bps shift in the yield curve. The interest-rate sensitivity of a mortgage portfolio varies across a wide range of interest rates.
Freddie Mac 3Q 2024 Form 10-Q
31
Management's Discussion and Analysis
Risk Management
Table 25 - PVS-YC and PVS-L Results Assuming Shifts of the Yield Curve
September 30, 2024December 31, 2023
PVS-YCPVS-LPVS-YCPVS-L
(In millions)25 bps50 bps100 bps25 bps50 bps100 bps
Assuming shifts of the yield curve, (gains) losses on:(1)
Assets:
Investments
($345)$3,643 $7,211 ($301)$3,150 $6,229 
Guarantees(2)
26 (429)(792)34 (369)(678)
Total assets(319)3,214 6,419 (267)2,781 5,551 
Liabilities(24)(1,257)(2,549)(52)(1,519)(3,073)
Derivatives347 (1,946)(3,890)322 (1,274)(2,547)
Total$4 $11 ($20)$3 ($12)($69)
PVS$4 $11 $— $3 $— $— 
(1)The categorization of the PVS impact between assets, liabilities, and derivatives on this table is based upon the economic characteristics of those assets and liabilities, not their accounting classification. For example, purchase and sale commitments of mortgage-related securities and debt of consolidated trusts held by the mortgage-related investments portfolio are both categorized as assets on this table.
(2)Represents the interest-rate risk from our guarantees, which include buy-ups, float, and upfront fees (including buy-downs).
Table 26 - Duration Gap and PVS Results
3Q 20243Q 2023
(Duration gap in months, dollars in millions)
Duration
Gap
PVS-YC
25 bps
PVS-L
50 bps
Duration
Gap		PVS-YC
25 bps		PVS-L
50 bps
Average0.1 $4 $3 — $3 $— 
Minimum(0.5)— — (0.1)— — 
Maximum0.3 10 37 0.1 9 — 
Standard deviation0.2 2 8 0.1 2 — 
YTD 2024YTD 2023
(Duration gap in months, dollars in millions)
Duration
Gap		PVS-YC
25 bps		PVS-L
50 bps		Duration
Gap		PVS-YC
25 bps		PVS-L
50 bps
Average0.1 $3 $1 — $3 $3 
Minimum(0.5)— — (0.2)— — 
Maximum0.3 10 37 0.3 9 31 
Standard deviation0.1 1 4 0.1 2 7 
Derivatives enable us to reduce our economic interest-rate risk exposure as we continue to align our derivative portfolio with the changing duration of our economically hedged assets and liabilities. The table below shows that the PVS-L risk levels, assuming a 50 bps shift in the yield curve for the periods presented, would have been higher if we had not used derivatives.
Table 27 - PVS-L Results Before Derivatives and After Derivatives
PVS-L (50 bps)
(In millions)
Before
Derivatives
After
Derivatives
Effect of
Derivatives
September 30, 2024
$1,957 $11 ($1,946)
December 31, 2023
1,261 — (1,261)
Earnings Sensitivity to Market Risk
The GAAP accounting treatment for our financial assets and liabilities (i.e., some are measured at amortized cost, while others are measured at fair value) creates variability in our GAAP earnings when interest rates and spreads change. We manage this variability of GAAP earnings, which may not reflect the economics of our business, using fair value hedge accounting. See MD&A - Consolidated Results of Operations and MD&A - Our Business Segments for additional information on the effect of changes in interest rates and market spreads on our financial results.
Freddie Mac 3Q 2024 Form 10-Q
32
Management's Discussion and Analysis
Risk Management
Interest Rate-Related Earnings Sensitivity
While we manage our interest-rate risk exposure on an economic basis to a low level as measured by our models, our GAAP financial results are subject to significant earnings variability from period to period based on changes in market conditions.
In an effort to reduce our GAAP earnings variability and better align our GAAP results with the economics of our business, we elect to use hedge accounting for certain single-family mortgage loans and certain debt instruments. See Note 8 for additional information on hedge accounting.
Earnings Sensitivity to Changes in Interest Rates
We evaluate a range of interest rate scenarios to determine the sensitivity of our earnings due to changes in interest rates and to determine our fair value hedge accounting strategies. The interest rate scenarios evaluated include parallel shifts in the yield curve in which interest rates increase or decrease by 100 bps, non-parallel shifts in the yield curve in which long-term interest rates increase or decrease by 100 bps, and non-parallel shifts in the yield curve in which short-term and medium-term interest rates increase or decrease by 100 bps. This evaluation identifies the net effect on comprehensive income from changes in fair value attributable to changes in interest rates for financial instruments measured at fair value, including the effects of fair value hedge accounting, for each of the identified scenarios. This evaluation does not include the net effect on comprehensive income from interest-rate sensitive items that are not measured at fair value (e.g., amortization of mortgage loan premiums and discounts, changes in fair value of held-for-sale mortgage loans for which we have not elected the fair value option, etc.) or from changes in our future contractual net interest income due to repricing of our interest-bearing assets and liabilities. The before-tax results of this evaluation are shown in the table below.
Table 28 - Earnings Sensitivity to Changes in Interest Rates
(In millions)September 30, 2024September 30, 2023
Interest Rate Scenarios(1)
Parallel yield curve shifts:
  +100 bps$52 ($66)
  -100 bps(52)66 
Non-parallel yield curve shifts - long-term interest rates:
  +100 bps217 121 
  -100 bps(217)(121)
Non-parallel yield curve shifts - short-term and medium-term interest rates:
 +100 bps(165)(187)
    -100 bps165 187 
(1)The earnings sensitivity presented is calculated using the change in interest rates and net effective duration exposure.
The actual effect of changes in interest rates on our comprehensive income in any given period may vary based on a number of factors, including, but not limited to, the composition of our assets and liabilities, the actual changes in interest rates that are realized at different terms along the yield curve, and the effectiveness of our hedge accounting strategies. Even if implemented properly, our hedge accounting programs may not be effective in reducing earnings volatility, and our hedges may fail in any given future period, which could expose us to significant earnings variability in that period.
Freddie Mac 3Q 2024 Form 10-Q
33
Management's Discussion and AnalysisLiquidity and Capital Resources

LIQUIDITY AND CAPITAL RESOURCES
Our business activities require that we maintain adequate liquidity to meet our financial obligations as they come due and to meet the needs of customers in a timely and cost-efficient manner. We also must maintain adequate capital resources to avoid being placed into receivership by FHFA.
Liquidity
Primary Sources of Liquidity
The table below lists the sources of our liquidity, the balances as of the dates shown, and a brief description of their importance to Freddie Mac.
Table 29 - Liquidity Sources
(In millions)
September 30, 2024(1)
December 31, 2023(1)
Description
Other Investments Portfolio - Liquidity and Contingency Operating Portfolio$118,072 $124,098 The liquidity and contingency operating portfolio, included within our other investments portfolio, is primarily used for short-term liquidity management.
Mortgage-Related Investments Portfolio24,244 24,469 The liquid portion of our mortgage-related investments portfolio can be pledged or sold for liquidity purposes. The amount of cash we may be able to successfully raise may be substantially less than the balance.
(1)Represents carrying value for the liquidity and contingency operating portfolio, included within our other investments portfolio, and UPB for the liquid portion of the mortgage-related investments portfolio.
Other Investments Portfolio
Our other investments portfolio is important to our cash flow, collateral management, asset and liability management, and ability to provide liquidity and stability to the mortgage market.
Our liquidity and contingency operating portfolio primarily includes securities purchased under agreements to resell and non-mortgage-related securities. Our non-mortgage-related securities consist of U.S. Treasury securities and other investments that we could sell to provide us with an additional source of liquidity to fund our business operations. We also maintain non-interest-bearing deposits at the Federal Reserve Bank of New York and interest-bearing deposits at commercial banks. Our interest-bearing deposits at commercial banks, including custodial accounts, totaled $4.5 billion and $5.1 billion as of September 30, 2024 and December 31, 2023, respectively. See MD&A - Our Portfolios - Investments Portfolio - Other Investments Portfolio for additional information about our other investments portfolio.
Mortgage-Related Investments Portfolio
We invest principally in mortgage-related investments, certain categories of which are largely unencumbered and liquid. Our primary source of liquidity among these mortgage assets is our holdings of agency securities. See MD&A - Our Portfolios - Investments Portfolio - Mortgage-Related Investments Portfolio for additional information about our mortgage loans and mortgage-related securities.
Freddie Mac 3Q 2024 Form 10-Q
34
Management's Discussion and AnalysisLiquidity and Capital Resources
Primary Sources of Funding
The table below lists the sources of our funding, the balances as of the dates shown, and a brief description of their importance to Freddie Mac.
Table 30 - Funding Sources
(In millions)
September 30, 2024(1)
December 31, 2023(1)
Description
Debt of Freddie Mac$173,127 $166,419 Debt of Freddie Mac is used to fund our business activities.
Debt of Consolidated Trusts3,092,140 3,041,927 Debt of consolidated trusts is used primarily to fund our Single-Family guarantee activities. This type of debt is principally repaid by the cash flows of the associated mortgage loans. As a result, our repayment obligation is limited to amounts paid pursuant to our guarantee of principal and interest and to purchase modified or seriously delinquent loans from the trusts.
(1)Represents the carrying value of debt balances after consideration of offsetting arrangements.
Debt of Freddie Mac
We issue debt of Freddie Mac to fund our operations. Competition for funding can vary with economic, financial market, and regulatory environments. The amount, type, and term of debt issued is based on a variety of factors and is designed to meet our ongoing cash needs and to comply with our Liquidity Management Framework.
The table below summarizes the par value and the average rate of debt of Freddie Mac securities we issued or paid off, including regularly scheduled principal payments, payments resulting from calls, and payments for repurchases. We call, exchange, or repurchase outstanding debt of Freddie Mac securities from time to time for a variety of reasons, including managing our funding composition and supporting the liquidity of our debt securities.
Table 31 - Debt of Freddie Mac Activity
3Q 20243Q 2023
(Dollars in millions)Par Value
Average Rate(1)
Par Value
Average Rate(1)
Short-term:
Beginning balance$8,453 5.39 %$11,386 5.08 %
Issuances43,219 5.24 6,591 5.27 
Repayments— — — — 
Maturities(37,830)5.38 (13,037)5.00 
Ending balance13,842 4.93 4,940 5.32 
Securities sold under agreements to repurchase, net(2)
— — 1,023 5.35 
Total short-term debt13,842 4.93 5,963 5.33 
Long-term:
Beginning balance160,039 3.47 180,574 3.21 
Issuances40,093 5.14 10,826 5.79 
Repayments(26,838)5.60 (2,217)5.58 
Maturities(8,762)2.72 (10,281)5.05 
Total long-term debt164,532 3.57 178,902 3.23 
Total debt of Freddie Mac, net$178,374 3.68 %$184,865 3.30 %
Referenced footnotes are included after the year-to-date table.
Freddie Mac 3Q 2024 Form 10-Q
35
Management's Discussion and AnalysisLiquidity and Capital Resources
YTD 2024YTD 2023
(Dollars in millions)Par Value
Average Rate(1)
Par Value
Average Rate(1)
Short-term:
Beginning balance$6,031 5.39 %$7,716 3.49 %
Issuances75,922 5.29 85,360 4.42 
Repayments— — — — 
Maturities(68,111)5.36 (88,136)4.26 
Ending balance13,842 4.93 4,940 5.32 
Securities sold under agreements to repurchase, net(2)
— — 1,023 5.35 
Total short-term debt13,842 4.93 5,963 5.33 
Long-term:
Beginning balance168,009 3.31 170,363 2.22 
Issuances69,976 5.31 45,359 5.49 
Repayments(50,780)5.62 (8,728)5.47 
Maturities(22,673)2.41 (28,092)2.39 
Total long-term debt164,532 3.57 178,902 3.23 
Total debt of Freddie Mac, net$178,374 3.68 %$184,865 3.30 %
(1)Average rate is weighted based on par value.
(2)We offset payables related to securities sold under agreements to repurchase against receivables related to securities purchased under agreements to resell on our condensed consolidated balance sheets, when such amounts meet the conditions for offsetting in the accounting guidance.
As of September 30, 2024, our aggregate indebtedness pursuant to the Purchase Agreement was $178.4 billion, which was below the current $270.0 billion debt cap limit. Our aggregate indebtedness calculation primarily includes the par value of short- and long-term debt.
Maturity and Redemption Dates
The table below presents the par value of debt of Freddie Mac by contractual maturity date and earliest redemption date. The earliest redemption date includes callable debt at its earliest call date, and the contractual maturity date includes both callable debt and non-callable debt as of their respective maturity dates.
Table 32 - Maturity and Redemption Dates
As of September 30, 2024As of December 31, 2023
(In millions)
Contractual Maturity Date
Earliest Redemption Date
Contractual Maturity Date
Earliest Redemption Date
Debt of Freddie Mac(1):
1 year or less$57,044 $144,182 $47,276 $144,232 
1 year through 2 years43,543 20,505 61,187 15,249 
2 years through 3 years18,937 350 15,645 447 
3 years through 4 years10,484 160 12,530 305 
4 years through 5 years24,209 1,245 10,947 345 
Thereafter22,450 10,225 24,278 11,285 
STACR and SCR debt(2)
1,707 1,707 2,177 2,177 
Total debt of Freddie Mac$178,374 $178,374 $174,040 $174,040 
(1)As of September 30, 2024 and December 31, 2023, excludes $2.1 billion and $10.2 billion, respectively, of payables related to securities sold under agreements to repurchase that we offset against receivables related to securities purchased under agreements to resell on our condensed consolidated balance sheets.
(2)STACR debt notes and SCR debt notes are subject to prepayment risk as their payments are based upon the performance of a reference pool of mortgage assets that may be prepaid by the related mortgage borrowers at any time generally without penalty and are, therefore, included as a separate category in the table.
Debt of Consolidated Trusts
The largest component of debt on our condensed consolidated balance sheets is debt of consolidated trusts, which relates to securitization transactions that we consolidate for accounting purposes. We primarily issue this type of debt by securitizing mortgage loans to fund our guarantee activities.
Freddie Mac 3Q 2024 Form 10-Q
36
Management's Discussion and AnalysisLiquidity and Capital Resources

The table below shows the issuance and extinguishment activity for the debt of consolidated trusts.
Table 33 - Debt of Consolidated Trusts Activity
(In millions)3Q 20243Q 2023YTD 2024YTD 2023
Beginning balance$3,026,859 $2,960,996 $2,999,893 $2,929,567 
Issuances131,023 119,668 330,318 321,235 
Repayments and extinguishments(105,257)(97,157)(277,586)(267,295)
Ending balance3,052,625 2,983,507 3,052,625 2,983,507 
Unamortized premiums and discounts39,515 43,668 39,515 43,668 
Debt of consolidated trusts$3,092,140 $3,027,175 $3,092,140 $3,027,175 
Off-Balance Sheet Arrangements
We enter into certain business arrangements that are not recorded on our condensed consolidated balance sheets or that may be recorded in amounts that differ from the full contractual or notional amount of the transaction that affect our short- and long-term liquidity needs. Our off-balance sheet arrangements primarily consist of guarantees and commitments. Certain of these arrangements present credit risk exposure. See Note 2 and Note 4 for additional information on these transactions. See MD&A - Risk Management - Credit Risk for additional information on our credit risk exposure on off-balance sheet arrangements.
Cash Flows
Cash and cash equivalents (including restricted cash and cash equivalents) decreased from $5.4 billion as of September 30, 2023 to $4.9 billion as of September 30, 2024.
Freddie Mac 3Q 2024 Form 10-Q
37
Management's Discussion and AnalysisLiquidity and Capital Resources

Capital Resources
The table below presents activity related to our net worth.
Table 34 - Net Worth Activity
(In millions)3Q 20243Q 2023YTD 2024YTD 2023
Beginning balance$53,223 $41,957 $47,722 $37,018 
Comprehensive income3,167 2,704 8,668 7,643 
Capital draw from Treasury— — — — 
Senior preferred stock dividends declared— — — — 
Total equity / net worth$56,390 $44,661 $56,390 $44,661 
Remaining Treasury funding commitment$140,162 $140,162 $140,162 $140,162 
Aggregate draws under Purchase Agreement71,648 71,648 71,648 71,648 
Aggregate cash dividends paid to Treasury119,680 119,680 119,680 119,680 
Liquidation preference of the senior preferred stock125,871 114,605 125,871 114,605 
ERCF
For a description of our capital requirements under the ERCF, including the amended provisions, see the MD&A - Regulation and Supervision section in our 2023 Annual Report.

The charts below present the ERCF capital adequacy requirements under the risk-based capital requirement (CET1 capital ratio relative to RWA) and leverage capital requirement (Tier 1 capital ratio relative to ATA).

Risk-Based Capital Requirement: CET1 Capital Ratio
601
Leverage Capital Requirement: Tier 1 Capital Ratio

655
Freddie Mac 3Q 2024 Form 10-Q
38
Management's Discussion and AnalysisLiquidity and Capital Resources

Capital Metrics
The table below presents the components of our regulatory capital.
Table 35 - Regulatory Capital Components
(In millions)September 30, 2024December 31, 2023
Total equity$56,390 $47,722 
Less:
Senior preferred stock72,648 72,648 
Preferred stock14,109 14,109 
Common equity(30,367)(39,035)
Less: deferred tax assets arising from temporary differences that exceed 10% of CET1 capital and other regulatory adjustments4,786 4,108 
Common equity Tier 1 capital(35,153)(43,143)
Add: Preferred stock14,109 14,109 
Tier 1 capital(21,044)(29,034)
Tier 2 capital adjustments— — 
Adjusted total capital($21,044)($29,034)
The table below presents the components of our statutory capital.
Table 36 - Statutory Capital Components
(In millions)September 30, 2024December 31, 2023
Total equity$56,390 $47,722 
Less:
Senior preferred stock72,648 72,648 
AOCI, net of taxes10 (22)
Core capital(16,268)(24,904)
General allowance for foreclosure losses(1)
7,192 6,849 
Total capital($9,076)($18,055)
(1)Represents our allowance for credit losses.
Freddie Mac 3Q 2024 Form 10-Q
39
Management's Discussion and AnalysisLiquidity and Capital Resources

The table below presents our capital metrics under the ERCF.
Table 37 - Capital Metrics Under ERCF
(In billions)September 30, 2024December 31, 2023
Adjusted total assets$3,772 $3,775
Risk-weighted assets (standardized approach):
    Credit risk921 884
    Market risk54 54
    Operational risk71 71
Total risk-weighted assets$1,046 $1,009
(In billions)September 30, 2024December 31, 2023
Stress capital buffer$28 $28
Stability capital buffer29 23
Countercyclical capital buffer amount— —
PCCBA$57 $51
PLBA$14 $11
September 30, 2024
(Dollars in billions)Minimum
Capital
Requirement
Applicable
Buffer(1)
Capital
Requirement
(Including Buffer(1))
Available
Capital (Deficit)		Capital
Shortfall
Risk-based capital amounts:
Total capital $84 N/A$84 ($9)($93)
CET1 capital47 $57 104 (35)(139)
Tier 1 capital63 57 120 (21)(141)
Adjusted total capital84 57 141 (21)(162)
Risk-based capital ratios(2):
Total capital8.0 %N/A8.0 %(0.9)%(8.9)%
CET1 capital4.5 5.4 %9.9 (3.4)(13.3)
Tier 1 capital6.0 5.4 11.4 (2.0)(13.4)
Adjusted total capital8.0 5.4 13.4 (2.0)(15.4)
Leverage capital amounts:
Core capital $94 N/A$94 ($16)($110)
Tier 1 capital94 $14 108 (21)(129)
Leverage capital ratios(3):
Core capital 2.5 %N/A2.5 %(0.4)%(2.9)%
Tier 1 capital2.5 0.4 %2.9 (0.6)(3.5)
Referenced footnotes are included after the prior period table.
Freddie Mac 3Q 2024 Form 10-Q
40
Management's Discussion and AnalysisLiquidity and Capital Resources

December 31, 2023
(Dollars in billions)Minimum
Capital
Requirement
Applicable
Buffer(1)
Capital
Requirement
(Including Buffer(1))
Available
Capital (Deficit)		Capital
Shortfall
Risk-based capital amounts:
Total capital$81 N/A$81 ($18)($99)
CET1 capital45 $51 96 (43)(139)
Tier 1 capital60 51 111 (29)(140)
Adjusted total capital81 51 132 (29)(161)
Risk-based capital ratios(2):
Total capital8.0 %N/A8.0 %(1.8)%(9.8)%
CET1 capital4.5 5.0 %9.5 (4.3)(13.8)
Tier 1 capital6.0 5.0 11.0 (2.9)(13.9)
Adjusted total capital8.0 5.0 13.0 (2.9)(15.9)
Leverage capital amounts:
Core capital$95 N/A$95 ($25)($120)
Tier 1 capital95 $11 106 (29)(135)
Leverage capital ratios(3):
Core capital2.5 %N/A2.5 %(0.7)%(3.2)%
Tier 1 capital2.5 0.3 %2.8 (0.8)(3.6)
(1)PCCBA for risk-based capital and PLBA for leverage capital.
(2)As a percentage of RWA.
(3)As a percentage of ATA.
At September 30, 2024, our maximum payout ratio under the ERCF was 0.0%.
See Note 15 for additional information on our capital amounts and ratios under the ERCF.
Freddie Mac 3Q 2024 Form 10-Q
41
Management's Discussion and AnalysisCritical Accounting Estimates
CRITICAL ACCOUNTING ESTIMATES
Our critical accounting estimates and policies relate to the Single-Family allowance for credit losses. For additional information about our critical accounting estimates and other significant accounting policies, see Note 1 and Critical Accounting Estimates in our 2023 Annual Report.
Single-Family Allowance for Credit Losses
The Single-Family allowance for credit losses represents our estimate of expected credit losses over the contractual term of the mortgage loans. The Single-Family allowance for credit losses pertains to all single-family loans classified as held-for-investment on our condensed consolidated balance sheets.
Determining the appropriateness of the Single-Family allowance for credit losses is a complex process that is subject to numerous estimates and assumptions requiring significant management judgment about matters that involve a high degree of subjectivity. This process involves the use of models that require us to make judgments about matters that are difficult to predict.
Changes in forecasted house price growth rates can have a significant effect on our allowance for credit losses estimates. The table below shows our nationwide forecasted house price growth rates that were used in determining our allowance for credit losses. See Note 5 for additional information regarding our current period provision for credit losses.
Table 38 - Forecasted House Price Growth Rates
12-Month Forward13- to 24-Month Forward
September 30, 20240.0 %0.8 %
June 30, 20240.6 0.5 
March 31, 20240.2 0.6 
December 31, 20232.8 2.0 

Freddie Mac 3Q 2024 Form 10-Q
42
Management's Discussion and AnalysisRegulation and Supervision

REGULATION AND SUPERVISION
In addition to oversight by FHFA as our Conservator, we are subject to regulation and oversight by FHFA under our Charter and the GSE Act and to certain regulation by other government agencies. FHFA has the power to require us from time to time to change our processes, take action and/or stop taking action that could impact our business. Furthermore, regulatory activities by other government agencies can affect us indirectly, even if we are not directly subject to such agencies' regulation or oversight. For example, regulations that modify requirements applicable to the purchase or servicing of mortgages can affect us.
Federal Housing Finance Agency
Affordable Housing Goals
Proposed Affordable Housing Goals for 2025-2027
On August 29, 2024, FHFA proposed its single-family and multifamily affordable housing goals for Freddie Mac and Fannie Mae for 2025-2027. In addition to setting the benchmark levels for the single-family and multifamily affordable housing goals, the proposed rule would establish a new process for evaluating compliance with the housing goals. Under the current regulation, if we were to fail to meet a feasible housing goal, FHFA may require us to submit a housing plan describing the steps that we will take to improve our performance. The proposed rule would provide that FHFA will not require a housing plan if our single-family housing goals performance met the level required by newly-defined Enforcement Factors. These Enforcement Factors address, in part, the uncertainty in forecasting the market several years in advance as well as the time lag in determining the actual market level retrospectively. The Enforcement Factors apply only to the single-family low-income home purchase, very low-income home purchase, and low-income refinance goals. Under the proposed rule, there would be a limit on the Enterprises' ability to rely entirely on the Enforcement Factors. Specifically, if an Enterprise fails to meet the low-income or very low-income home purchase goal in both 2025 and 2026, then the Enforcement Factor would not apply to that goal in 2027.
Our current and proposed affordable housing goal benchmark levels are set forth below.
Table 39 - Current and Proposed 2025-2027 Affordable Housing Goal Benchmark Levels
Affordable Housing Goals
Benchmark
Levels for
2024		Proposed
Benchmark Levels for 2025-2027
Single-Family:
Low-income home purchase goal28 %25 %
Very low-income home purchase goal7 6 
Low-income areas home purchase goal(1)
20 TBD
Minority census tracts home purchase subgoal10 12 
Low-income census tracts home purchase subgoal4 4 
Low-income refinance goal26 26 
Multifamily (percentage of overall qualified units)
Low-income goal61 %61 %
Very low-income goal12 14 
Low-income small multifamily (5-50 units) subgoal2.5 2.0 
(1)The low-income areas home purchase goal benchmark level is the sum of (1) the minority census tracts home purchase subgoal, (2) the low-income census tracts home purchase subgoal, and (3) a disaster areas increment set in accordance with existing practice. Each year, FHFA notifies Freddie Mac by letter of the disaster areas increment for that year only. The disaster areas increment for 2024 was set at 6%, the same level as 2023 and 2022.

Freddie Mac 3Q 2024 Form 10-Q
43
Management's Discussion and AnalysisRegulation and Supervision

Affordable Housing Goals Results
In October 2024, FHFA informed us that, for 2023, we achieved all six of our single-family housing goals and subgoals, and all three of our multifamily goals and subgoals. Our performance on the goals, as determined by FHFA, is set forth in the table below.
Table 40 - 2023 and 2022 Affordable Housing Goals Results
20232022
Affordable Housing GoalsBenchmark LevelMarket LevelResults Benchmark LevelMarket Level Results
Single-Family:
Low-income home purchase goal28 %26.3 %28.5 %28 %26.8 %29.0 %
Very low-income home purchase goal7 6.5 6.8 7 6.8 7.1 
Low-income areas home purchase goal(1)
20 28.1 29.5 20 28.0 28.7 
Minority census tracts home purchase subgoal10 12.2 13.2 10 12.1 12.8 
Low-income census tracts home purchase subgoal4 9.8 9.4 4 9.7 9.1 
Low-income refinance goal26 40.3 43.2 26 37.3 37.1 
Multifamily:
Low-income goal 61 %N/A67.1 %415,000 unitsN/A420,107 units
Very low-income subgoal12 N/A20.6 88,000 unitsN/A127,733 units
Small multifamily (5-50 units) low-income subgoal2.5 N/A4.1 23,000 unitsN/A27,103 units
(1)The low-income areas home purchase goal benchmark level is the sum of (1) the minority census tracts home purchase subgoal, (2) the low-income census tracts home purchase subgoal, and (3) a disaster areas increment set in accordance with existing practice. Each year, FHFA notifies Freddie Mac by letter of the disaster areas increment for that year only. The disaster areas increment for 2023 was set at 6%, the same level as 2022.
Freddie Mac 3Q 2024 Form 10-Q
44
Management's Discussion and AnalysisForward-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-Q, 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 share, the effect of legislative and regulatory developments 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 catastrophic events or significant climate change effects 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 in our 2023 Annual Report, and including, without limitation, the following:
n The actions the federal government (including FHFA, Treasury, and Congress) and state governments may take, require us to take, or restrict us from taking, including actions to promote equitable access to affordable and sustainable housing, such as programs to implement the expectations in FHFA's Conservatorship Scorecards, recent requirements and guidance related to equitable housing and fair lending, consumer protection, and other objectives for us;
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;
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 legislation 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 economic and market conditions, including volatility in the financial services industry, changes in employment rates, inflation, interest rates, spreads, and house prices;
n Changes in the U.S. mortgage market, including 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 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 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 CSS and the CSP for the operation of the majority of our Single-Family securitization activities, limits on our influence over CSS Board decisions, and any additional changes FHFA may require in our relationship with, or support of, CSS;
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;
Freddie Mac 3Q 2024 Form 10-Q
45
Management's Discussion and AnalysisForward-Looking Statements

n Our ability to maintain market acceptance of our mortgage-related securities, 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 of loan originators, servicers, investors, and other participants in the secondary mortgage market including as a result of evolving AI regulation;
n Competition from other market participants, which could affect the pricing we offer for our 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 significant climate change effects 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-Q and our 2023 Annual Report, including in the MD&A section.
Forward-looking statements are made only as of the date of this Form 10-Q, 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-Q.

Freddie Mac 3Q 2024 Form 10-Q
46
Financial Statements

Financial Statements
Freddie Mac 3Q 2024 Form 10-Q
47
Financial StatementsCondensed Consolidated Statements of Income and Comprehensive Income
FREDDIE MAC
Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited)
(In millions, except share-related amounts)
3Q 20243Q 2023YTD 2024YTD 2023
Net interest income
Interest income$29,809 $26,799 $87,258 $77,541 
Interest expense(24,810)(22,050)(72,572)(63,768)
Net interest income4,999 4,749 14,686 13,773 
Non-interest income
Guarantee income487 301 1,366 1,076 
Investment gains, net243 555 1,197 741 
Other income109 85 334 266 
Non-interest income839 941 2,897 2,083 
Net revenues5,838 5,690 17,583 15,856 
(Provision) benefit for credit losses191 263 (384)405 
Non-interest expense
Salaries and employee benefits(424)(418)(1,265)(1,197)
Credit enhancement expense(616)(634)(1,801)(1,754)
Benefit for (decrease in) credit enhancement recoveries(4)(103)(10)(162)
Legislative assessments expense(780)(757)(2,302)(2,243)
Other expense(359)(664)(1,061)(1,356)
Non-interest expense(2,183)(2,576)(6,439)(6,712)
Income before income tax expense3,846 3,377 10,760 9,549 
Income tax expense(741)(692)(2,124)(1,925)
Net income 3,105 2,685 8,636 7,624 
Other comprehensive income (loss), net of taxes and reclassification adjustments62 19 32 19 
Comprehensive income $3,167 $2,704 $8,668 $7,643 
Net income $3,105 $2,685 $8,636 $7,624 
Amounts attributable to senior preferred stock(3,167)(2,704)(8,668)(7,643)
Net income (loss) attributable to common stockholders($62)($19)($32)($19)
Net income (loss) per common share ($0.02)($0.01)($0.01)($0.01)
Weighted average common shares (in millions) 3,234 3,234 3,234 3,234 
The accompanying notes are an integral part of these condensed consolidated financial statements.
Freddie Mac 3Q 2024 Form 10-Q
48
Financial StatementsCondensed Consolidated Balance Sheets
FREDDIE MAC
Condensed Consolidated Balance Sheets (Unaudited)
September 30,December 31,
(In millions, except share-related amounts)
20242023
Assets
Cash and cash equivalents (includes $1,219 and $978 of restricted cash and cash equivalents)
$4,857 $6,019 
Securities purchased under agreements to resell103,110 95,148 
Investment securities, at fair value43,613 43,275 
Mortgage loans held-for-sale (includes $8,353 and $7,356 at fair value)
11,678 12,941 
Mortgage loans held-for-investment (net of allowance for credit losses of $6,737 and $6,383 and includes $2,371 and $1,806 at fair value)
3,140,319 3,083,665 
Accrued interest receivable10,561 9,925 
Deferred tax assets, net4,730 4,076 
Other assets (includes $6,166 and $6,095 at fair value)
23,715 25,927 
Total assets$3,342,583 $3,280,976 
Liabilities and equity
Liabilities
Accrued interest payable$9,222 $8,812 
Debt (includes $3,122 and $2,476 at fair value)
3,265,267 3,208,346 
Other liabilities (includes $937 and $873 at fair value)
11,704 16,096 
Total liabilities3,286,193 3,233,254 
Commitments and contingencies
Equity
Senior preferred stock (liquidation preference of $125,871 and $117,309)
72,648 72,648 
Preferred stock, at redemption value14,109 14,109 
Common stock, $0.00 par value, 4,000,000,000 shares authorized, 725,863,886 shares issued and 650,059,553 shares outstanding
— — 
Retained earnings(26,492)(35,128)
AOCI, net of taxes, related to:
Available-for-sale securities107 72 
Other(97)(94)
AOCI, net of taxes10 (22)
Treasury stock, at cost, 75,804,333 shares
(3,885)(3,885)
Total equity
56,390 47,722 
Total liabilities and equity$3,342,583 $3,280,976 
The table below presents the carrying value and classification of the assets and liabilities related to consolidated VIEs on our condensed consolidated balance sheets.
September 30,December 31,
(In millions)20242023
Assets:
Cash and cash equivalents (includes $1,106 and $890 of restricted cash and cash equivalents)
$1,107$891 
Securities purchased under agreements to resell13,4299,396 
Investment securities, at fair value265 
Mortgage loans held-for-investment, net3,084,4583,039,461 
Accrued interest receivable9,6048,885 
Other assets6,5754,858 
Total assets of consolidated VIEs$3,115,175$3,063,556
Liabilities:
Accrued interest payable$8,218 $7,527 
Debt3,092,140 3,041,927 
Total liabilities of consolidated VIEs$3,100,358 $3,049,454 
The accompanying notes are an integral part of these condensed consolidated financial statements.
Freddie Mac 3Q 2024 Form 10-Q
49
Financial StatementsCondensed Consolidated Statements of Equity

FREDDIE MAC
Condensed Consolidated Statements of Equity (Unaudited)
Shares Outstanding
Senior
Preferred
Stock
Preferred
Stock, at
Redemption
Value
Common
Stock, at
Par Value
Retained
Earnings
AOCI,
Net of
Tax
Treasury
Stock, at
Cost
Total
Equity
(In millions)
Senior
Preferred
Stock
Preferred
Stock
Common
Stock
Balance at June 30, 20241 464 650 $72,648 $14,109 $— ($29,597)($52)($3,885)$53,223 
Comprehensive income:
Net income— — — — — — 3,105 — — 3,105 
Other comprehensive income (loss):
Changes in net unrealized gains (losses) on available-for-sale securities (net of taxes of $18 million)
— — — — — — — 66 — 66 
Reclassification adjustment for (gains) losses on available-for-sale securities included in net income (net of taxes of $1 million)
— — — — — — — (5)— (5)
Other (net of taxes of $0 million)
— — — — — — — 1 — 1 
Comprehensive income— — — — — — 3,105 62 — 3,167 
Ending balance at September 30, 20241 464 650 $72,648 $14,109 $— ($26,492)$10 ($3,885)$56,390 
Balance at June 30, 20231 464 650 $72,648 $14,109 $— ($40,727)($188)($3,885)$41,957 
Comprehensive income:
Net income— — — — — — 2,685 — — 2,685 
Other comprehensive income (loss):
Changes in net unrealized gains (losses) on available-for-sale securities (net of taxes of $20 million)
— — — — — — — (76)— (76)
Reclassification adjustment for (gains) losses on available-for-sale securities included in net income (net of taxes of $25 million)
— — — — — — — 93 — 93 
Other (net of taxes of $0 million)
— — — — — — — 2 — 2 
Comprehensive income— — — — — — 2,685 19 — 2,704 
Ending balance at September 30, 20231 464 650 $72,648 $14,109 $— ($38,042)($169)($3,885)$44,661 
Shares Outstanding
Senior
Preferred
Stock
Preferred
Stock, at
Redemption
Value
Common
Stock, at
Par Value
Retained
Earnings
AOCI,
Net of
Tax
Treasury
Stock, at
Cost
Total
Equity
(In millions)
Senior
Preferred
Stock
Preferred
Stock
Common
Stock
Balance at December 31, 20231 464 650 $72,648 $14,109 $— ($35,128)($22)($3,885)$47,722 
Comprehensive income:
Net income— — — — — — 8,636 — — 8,636 
Other comprehensive income (loss):
Changes in net unrealized gains (losses) on available-for-sale securities (net of taxes of $10 million)
— — — — — — — 38 — 38 
Reclassification adjustment for (gains) losses on available-for-sale securities included in net income (net of taxes of $1 million)
— — — — — — — (3)— (3)
Other (net of taxes of $1 million)
— — — — — — — (3)— (3)
Comprehensive income— — — — — — 8,636 32 — 8,668 
Ending balance at September 30, 20241 464 650 $72,648 $14,109 $— ($26,492)$10 ($3,885)$56,390 
Balance at December 31, 20221 464 650 $72,648 $14,109 $— ($45,666)($188)($3,885)$37,018 
Comprehensive income:
Net income— — — — — — 7,624 — — 7,624 
Other comprehensive income (loss):
Changes in net unrealized gains (losses) on available-for-sale securities (net of taxes of $21 million)
— — — — — — — (80)— (80)
Reclassification adjustment for (gains) losses on available-for-sale securities included in net income (net of taxes of $24 million)
— — — — — — — 93 — 93 
Other (net of taxes of $1 million)
— — — — — — — 6 — 6 
Comprehensive income— — — — — — 7,624 19 — 7,643 
Ending balance at September 30, 20231 464 650 $72,648 $14,109 $— ($38,042)($169)($3,885)$44,661 
The accompanying notes are an integral part of these condensed consolidated financial statements.
Freddie Mac 3Q 2024 Form 10-Q
50
Financial StatementsCondensed Consolidated Statements of Cash Flows


FREDDIE MAC
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In millions)YTD 2024YTD 2023
Net cash provided by (used in) operating activities$7,527 $5,732 
Cash flows from investing activities
Investment securities:
Purchases(67,229)(80,201)
Proceeds from sales58,878 68,829 
Proceeds from maturities and repayments7,188 11,889 
Mortgage loans acquired held-for-investment:
Purchases(101,439)(77,032)
Proceeds from sales2,351 6,369 
Proceeds from repayments199,400 187,581 
Advances under secured lending arrangements(77,138)(74,579)
Net (increase) decrease in securities purchased under agreements to resell173 (19,647)
Cash flows related to derivatives1,029 4,799 
Other, net(11)(349)
Net cash provided by (used in) investing activities23,202 27,659 
Cash flows from financing activities
Debt of consolidated trusts:
Proceeds from issuance172,208 158,006 
Repayments and redemptions(200,316)(190,833)
Debt of Freddie Mac:
Proceeds from issuance145,578 130,442 
Repayments(141,219)(124,673)
Net increase (decrease) in securities sold under agreements to repurchase(8,135)(7,196)
Other, net(7)(143)
Net cash provided by (used in) financing activities(31,891)(34,397)
Net increase (decrease) in cash and cash equivalents (includes restricted cash and cash equivalents)(1,162)(1,006)
Cash and cash equivalents (includes restricted cash and cash equivalents) at the beginning of year6,019 6,360 
Cash and cash equivalents (includes restricted cash and cash equivalents) at end of period$4,857 $5,354 
Supplemental cash flow information
Cash paid for:
Debt interest$74,239 $64,399 
Income taxes2,650 700 
Non-cash investing and financing activities (Notes 3 and 6)
The accompanying notes are an integral part of these condensed consolidated financial statements.
Freddie Mac 3Q 2024 Form 10-Q
51
Financial Statements
Notes to the Condensed Consolidated Financial Statements | Note 1

Notes to Condensed Consolidated Financial Statements
NOTE 1
Summary of Significant Accounting Policies
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 are regulated by FHFA, the SEC, HUD, and Treasury, and are currently operating under the conservatorship of FHFA. The conservatorship and related matters significantly affect our management, business activities, financial condition, and results of operations. In connection with our entry into conservatorship, we entered into the Purchase Agreement with Treasury, under which we issued Treasury both senior preferred stock and a warrant to purchase common stock. Our Purchase Agreement with Treasury is critical to keeping us solvent and avoiding the appointment of a receiver by FHFA under statutory mandatory receivership provisions. We believe the support provided by Treasury pursuant to the Purchase Agreement currently enables us to have adequate liquidity to conduct normal business activities. For more information on the conservatorship, the roles of FHFA and Treasury, and the Purchase Agreement, see our 2023 Annual Report. Throughout our unaudited condensed consolidated financial statements and related notes, we use certain acronyms and terms which are defined in the Glossary of our 2023 Annual Report.
The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes in our 2023 Annual Report.
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with GAAP and include our accounts as well as the accounts of other entities in which we have a controlling financial interest. All intercompany balances and transactions have been eliminated.
We are operating under the basis that we will realize assets and satisfy liabilities in the normal course of business as a going concern and in accordance with the authority provided by FHFA to our Board of Directors to oversee management's conduct of our business operations. In the opinion of management, our unaudited condensed consolidated financial statements contain all adjustments, which include only normal recurring adjustments, necessary for a fair statement of our results.
Use of Estimates
The preparation of our condensed consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and disclosure of contingent assets and liabilities at the date of the financial statements. Management has made significant estimates to report the allowance for credit losses on single-family mortgage loans. Actual results could be different from these estimates.
Consolidation and Equity Investments
For each entity with which we are involved, we determine whether the entity should be consolidated in our financial statements. We consolidate entities in which we have a controlling financial interest. The method for determining whether a controlling financial interest exists varies depending on whether the entity is a VIE. For entities that are not VIEs, we hold a controlling financial interest in entities where we hold a majority of the voting rights or a majority of a limited partnership's kick-out rights through voting interests. We do not currently consolidate any entities which are not VIEs. We use the equity method to account for our interests in entities in which we do not have a controlling financial interest, but over which we have significant influence.
We invest in LIHTC partnerships to support and preserve the supply of affordable housing. We have elected to account for these investments using the proportional amortization method when applicable. The carrying amount of our investments in LIHTC partnerships is presented in other assets on our condensed consolidated balance sheets and totaled $3.8 billion as of September 30, 2024.
Freddie Mac 3Q 2024 Form 10-Q
52
Financial Statements
Notes to the Condensed Consolidated Financial Statements | Note 1

Recently Issued Accounting Guidance
Recently Adopted Accounting Guidance
StandardDescriptionDate of
 Adoption		Effect on Consolidated Financial Statements
ASU 2023-02, Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method
The amendments in this Update expand the use of the proportional amortization method of accounting to equity investments in other tax credit structures that meet certain conditions. This Update also amends those conditions primarily to assess projected benefits on a discounted basis and expands the disclosure requirements of those investments.
January 1, 2024
The adoption of these amendments did not have a material effect on our consolidated financial statements. See the preceding section Consolidation and Equity Investments for additional information.

Recently Issued Accounting Guidance, Not Yet Adopted Within Our Consolidated Financial Statements
StandardDescriptionDate of
 Adoption		Effect on Consolidated Financial Statements
ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures
The amendments in this Update require the disclosure of more detailed quantitative and qualitative information about significant segment expenses that are regularly provided to the CODM and included in each reported measure of segment profit or loss.December 31, 2024We do not expect the adoption of
these amendments to have a
material effect on our consolidated
financial statements.
ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures
The amendments in this Update require annual disclosure of more detailed tax rate reconciliation categories and income taxes paid by geography and jurisdiction.January 1, 2025We do not expect the adoption of
these amendments to have a
material effect on our consolidated
financial statements.
Freddie Mac 3Q 2024 Form 10-Q
53
Financial Statements
                                       Notes to the Condensed Consolidated Financial Statements | Note 2
NOTE 2
Securitizations and Variable Interest Entities
Nonconsolidated VIEs
The table below presents the carrying amounts and classification of the assets and liabilities recorded on our condensed consolidated balance sheets that relate to our variable interests in VIEs for which we are not the primary beneficiary and with which we were involved in the design and creation and have a significant continuing involvement, our maximum exposure to loss as a result of our involvement with such VIEs, and the total assets of the VIEs. Our involvement with such VIEs primarily consists of guarantees that we have issued to the VIE, some of which are accounted for as derivative instruments, and investments in debt securities issued by the VIE. See Note 4 for additional information on our guarantees to nonconsolidated VIEs.
Total assets shown in the table below represents the remaining UPB of the mortgage loans or other noncash financial assets held by the VIE and excludes cash and nonfinancial assets held by the VIE. Maximum exposure to loss shown in the table below is primarily based on the remaining UPB of the guaranteed securities issued by the VIE and represents the contractual amounts that could be lost if the assets of the VIE (including the assets in the related reference pool for CRT products) became worthless at the balance sheet date, without consideration of proceeds from related collateral liquidation and possible recoveries under credit enhancements. We do not believe the maximum exposure to loss from our involvement with nonconsolidated VIEs is representative of the actual loss we are likely to incur based on our historical loss experience and after consideration of proceeds from related collateral liquidation and available credit enhancements.
Table 2.1 - Nonconsolidated VIEs
 September 30, 2024
Carrying Amounts of the Assets and Liabilities on the Condensed Consolidated Balance SheetsTotal AssetsMaximum Exposure to Loss
(In millions)
Investment Securities
Accrued Interest Receivable and Other Assets(1)
Liabilities(1)
Single-Family:
   Securitization products$1,703 $169 $456 $30,287 $24,684 
Resecuritization products(2)
4,925 63 578 105,769 105,769 
CRT products(3)
— 90 196 27,648 8 
Total Single-Family6,628 322 1,230 163,704 130,461 
Multifamily:
Securitization products(4)
5,658 5,361 4,351 359,166 320,710 
CRT products(3)
— 28 14 1,537 23 
Total Multifamily5,658 5,389 4,365 360,703 320,733 
Other— 7 5 83 454 
Total$12,286 $5,718 $5,600 $524,490 $451,648 
Referenced footnotes are included after the prior period table.

Freddie Mac 3Q 2024 Form 10-Q
54
Financial Statements
                                       Notes to the Condensed Consolidated Financial Statements | Note 2
December 31, 2023
Carrying Amounts of the Assets and Liabilities on the Condensed Consolidated Balance SheetsTotal AssetsMaximum Exposure to Loss
(In millions)
Investment Securities
Accrued Interest Receivable and Other Assets(1)
Liabilities(1)
Single-Family:
Securitization products$1,272 $172 $427 $30,298 $24,600 
Resecuritization products(2)
4,952 67 626 110,320 110,320 
CRT products(3)
— 92 220 29,126 14 
Total Single-Family6,224 331 1,273 169,744 134,934 
Multifamily:
Securitization products(4)
5,985 5,082 4,652 360,928 321,262 
CRT products(3)
— 11 7 1,359 8 
Total Multifamily5,985 5,093 4,659 362,287 321,270 
Other— 7 5 117 468 
Total$12,209 $5,431 $5,937 $532,148 $456,672 
(1)    Other assets primarily include our guarantee assets. Liabilities primarily include our guarantee obligations.
(2)    Total assets and maximum exposure to loss are based on the UPB of Fannie Mae securities underlying commingled Freddie Mac resecuritization trusts. We exclude noncommingled resecuritization trusts from these amounts as we have already guaranteed the underlying collateral and therefore noncommingled resecuritizations do not involve any incremental assets or create any incremental exposure to credit risk. Total assets exclude less than $0.1 billion and $0.1 billion as of September 30, 2024 and December 31, 2023, respectively, of Fannie Mae securities that we have guaranteed that are included in resecuritization trusts that we have consolidated as we own all of the outstanding securities issued by the VIE.
(3)    Maximum exposure to loss is based on our expected recovery receivables and excludes our obligations to make certain payments to the VIE to support payment of the interest due on the notes issued by the VIE, which we account for as derivative instruments. The notional value of these derivative instruments is equal to the total assets of the VIE.
(4)    Includes total assets of $0.5 billion and $0.3 billion as of September 30, 2024 and December 31, 2023, respectively, related to VIEs in which our interest would no longer absorb significant variability as the guaranteed securities have completely paid off.

Freddie Mac 3Q 2024 Form 10-Q
55
Financial Statements
                         Notes to the Condensed Consolidated Financial Statements | Note 3


NOTE 3
Mortgage Loans
The table below provides details of the loans on our condensed consolidated balance sheets.
Table 3.1 - Mortgage Loans
September 30, 2024 December 31, 2023
(In millions)Single-FamilyMultifamily TotalSingle-FamilyMultifamily Total
Held-for-sale UPB$2,803 $9,051 $11,854 $3,527 $9,905 $13,432 
Cost basis and fair value adjustments, net(510)334 (176)(712)221 (491)
Total held-for-sale loans, net2,293 9,385 11,678 2,815 10,126 12,941 
Held-for-investment UPB3,041,016 72,709 3,113,725 2,996,509 59,203 3,055,712 
Cost basis and fair value adjustments, net(1)
33,665 (334)33,331 34,627 (291)34,336 
Allowance for credit losses(6,392)(345)(6,737)(6,057)(326)(6,383)
   Total held-for-investment loans, net(2)
3,068,289 72,030 3,140,319 3,025,079 58,586 3,083,665 
Total mortgage loans, net$3,070,582 $81,415 $3,151,997 $3,027,894 $68,712 $3,096,606 
(1)Includes ($0.1) billion and ($0.2) billion of basis adjustments maintained on a closed portfolio basis related to existing portfolio layer method fair value hedge relationships as of September 30, 2024 and December 31, 2023, respectively.
(2)Includes $2.4 billion and $1.8 billion of multifamily held-for-investment loans for which we have elected the fair value option as of September 30, 2024 and December 31, 2023, respectively.
The table below provides details of the UPB of loans we purchased and sold during the periods presented.
Table 3.2 - Loans Purchased and Sold
(In millions)3Q 20243Q 2023YTD 2024YTD 2023
Single-Family:
Purchases:
  Held-for-investment loans
$98,243 $85,431 $245,751 $227,246 
Sales of held-for-sale loans(1)
658 471 1,657 471 
Multifamily:
Purchases:
  Held-for-investment loans
7,867 3,076 14,283 11,086 
  Held-for-sale loans
6,028 9,984 19,068 20,077 
Sales of held-for-sale loans(2)
6,606 8,722 19,671 23,498 
(1)Our sales of single-family loans reflect the sale of single-family seasoned loans.
(2)Our sales of multifamily loans occur primarily through the issuance of Multifamily K Certificates.
Freddie Mac 3Q 2024 Form 10-Q
56
Financial Statements
                         Notes to the Condensed Consolidated Financial Statements | Note 3


Reclassifications
The table below presents the allowance for credit losses or valuation allowance that was reversed or established due to loan reclassifications between held-for-investment and held-for-sale during the periods presented.
Table 3.3 - Loan Reclassifications(1)
3Q 20243Q 2023
(In millions)UPBAllowance for Credit Losses Reversed or (Established)Valuation Allowance (Established) or ReversedUPBAllowance for Credit Losses Reversed or (Established)Valuation Allowance (Established) or Reversed
Single-Family reclassifications from:
Held-for-investment to held-for-sale$428 $14 $— $1,199 $23 $— 
Held-for-sale to held-for-investment(2)
78 6 5 75 4 10 
Multifamily reclassifications from:
Held-for-investment to held-for-sale404 1 (14)785 2 (8)
   Held-for-sale to held-for-investment(2)
38 — 1 40 (1)2 
YTD 2024YTD 2023
(In millions)UPBAllowance for Credit Losses Reversed or (Established)Valuation Allowance (Established) or ReversedUPBAllowance for Credit Losses Reversed or (Established)Valuation Allowance (Established) or Reversed
Single-Family reclassifications from:
Held-for-investment to held-for-sale$1,495 $29 $— $1,199 $23 $— 
Held-for-sale to held-for-investment(2)
171 14 14 123 8 14 
Multifamily reclassifications from:
Held-for-investment to held-for-sale1,245 12 (58)6,251 4 (41)
   Held-for-sale to held-for-investment(2)
785 — 10 762 (1)18 
(1)Amounts exclude reclassifications related to loans for which we have elected the fair value option.
(2)Allowance for credit losses established upon loan reclassifications from held-for-sale to held-for-investment to reflect the net amount we expect to collect on the loan. Loans with prior charge-offs may have a negative allowance for credit losses established upon reclassification.
Interest Income
The table below presents the amortized cost basis of non-accrual loans as of the beginning and the end of the periods presented, including the interest income recognized for the period that is related to the loans on non-accrual status as of the period end.
Table 3.4 - Amortized Cost Basis of Held-for-Investment Loans on Non-Accrual(1)
Non-Accrual Amortized Cost Basis
Interest Income Recognized(2)
(In millions)September 30, 2024June 30, 20243Q 2024YTD 2024
Single-Family:
20- and 30-year or more, amortizing fixed-rate$12,985 $11,773 $35 $167 
15-year or less, amortizing fixed-rate477 439 1 5 
Adjustable-rate and other230 230 1 4 
Total Single-Family13,692 12,442 37 176 
Total Multifamily114 110 1 2 
Total Single-Family and Multifamily$13,806 $12,552 $38 $178 
Referenced footnotes are included after the prior period table.
Freddie Mac 3Q 2024 Form 10-Q
57
Financial Statements
                         Notes to the Condensed Consolidated Financial Statements | Note 3


Non-Accrual Amortized Cost Basis
Interest Income Recognized(2)
(In millions)September 30, 2023June 30, 20233Q 2023YTD 2023
Single-Family:
20- and 30-year or more, amortizing fixed-rate$11,825 $11,989 $27 $151 
15-year or less, amortizing fixed-rate526 540 1 4 
Adjustable-rate and other274 323 1 4 
Total Single-Family12,625 12,852 29 159 
Total Multifamily64 56 1 2 
Total Single-Family and Multifamily$12,689 $12,908 $30 $161 
(1)Excludes amounts related to loans for which we have elected the fair value option.
(2)Represents the amount of payments received during the period, including those received while the loans were on accrual status, for the held-for-investment loans on non-accrual status as of period end.
The table below provides the amount of accrued interest receivable presented on our condensed consolidated balance sheets and the amount of accrued interest receivable related to loans on non-accrual status at the end of the periods that was charged off.
Table 3.5 - Accrued Interest Receivable and Related Charge-Offs
Accrued Interest ReceivableAccrued Interest Receivable Related Charge-Offs
(In millions)September 30, 2024December 31, 20233Q 20243Q 2023YTD 2024YTD 2023
Single-Family loans$9,543 $8,833 ($59)($44)($151)($180)
Multifamily loans342 287 — (1)(1)(1)
Credit Quality
Single-Family
The current LTV ratio is one key factor we consider when estimating our allowance for credit losses for single-family loans. As current LTV ratios increase, the borrower's equity in the home decreases, which may negatively affect the borrower's ability to refinance or to sell the property for an amount at or above the balance of the outstanding loan.
The table below presents the amortized cost basis of single-family held-for-investment loans by current LTV ratio. Our current LTV ratios are estimates based on available data through the end of each period presented.
Freddie Mac 3Q 2024 Form 10-Q
58
Financial Statements
                         Notes to the Condensed Consolidated Financial Statements | Note 3


Table 3.6 - Amortized Cost Basis of Single-Family Held-for-Investment Loans by Current LTV Ratio and Vintage
September 30, 2024
Year of Origination Total
(In millions)20242023202220212020Prior
Current LTV ratio:
  20- and 30-year or more, amortizing fixed-rate
≤ 60$31,537 $42,162 $101,020 $541,934 $540,048 $474,309 $1,731,010 
> 60 to 8081,292 105,479 181,130 258,280 64,407 13,122 703,710 
> 80 to 90
39,911 68,174 71,280 16,704 1,092 443 197,604 
> 90 to 100 57,606 35,244 15,963 1,535 156 104 110,608 
> 100
251 685 1,235 91 21 82 2,365 
  Total 20- and 30-year or more, amortizing fixed-rate
210,597 251,744 370,628 818,544 605,724 488,060 2,745,297 
  Current year-to-date gross charge-offs(1)
— 6 29 36 29 122 222 
  15-year or less, amortizing fixed-rate
≤ 603,419 4,360 20,901 113,165 88,798 56,263 286,906 
> 60 to 803,225 3,377 5,211 1,619 94 11 13,537 
> 80 to 90
590 479 198 10 — — 1,277 
> 90 to 100314 59 20 — — — 393 
> 100
1 1 — — — — 2 
  Total 15-year or less, amortizing fixed-rate7,549 8,276 26,330 114,794 88,892 56,274 302,115 
  Current year-to-date gross charge-offs(1)
— — 1 2 — 1 4 
  Adjustable-rate and other
≤ 60319 424 1,716 3,316 1,363 11,710 18,848 
> 60 to 80843 1,277 2,482 786 61 191 5,640 
> 80 to 90
400 800 866 32 2 14 2,114 
> 90 to 100282 241 182 3 — 4 712 
> 100
— 8 20 — — 2 30 
  Total adjustable-rate and other1,844 2,750 5,266 4,137 1,426 11,921 27,344 
    Current year-to-date gross charge-offs(1)
— — — — — 1 1 
Total for all loan product types by current LTV ratio:
≤ 60
35,275 46,946 123,637 658,415 630,209 542,282 2,036,764 
> 60 to 8085,360 110,133 188,823 260,685 64,562 13,324 722,887 
> 80 to 90
40,901 69,453 72,344 16,746 1,094 457 200,995 
> 90 to 10058,202 35,544 16,165 1,538 156 108 111,713 
> 100
252 694 1,255 91 21 84 2,397 
Total Single-Family loans$219,990 $262,770 $402,224 $937,475 $696,042 $556,255 $3,074,756 
Total current year-to-date gross charge-offs(1)
$— $6 $30 $38 $29 $124 $227 
Referenced footnotes are included after the prior period table.
Freddie Mac 3Q 2024 Form 10-Q
59
Financial Statements
                         Notes to the Condensed Consolidated Financial Statements | Note 3


December 31, 2023
Year of Origination Total
(In millions)20232022202120202019Prior
Current LTV ratio:
  20- and 30-year or more, amortizing fixed-rate
≤ 60$39,500 $93,279 $513,267 $542,449 $94,348 $411,663 $1,694,506 
> 60 to 80105,384 183,251 318,965 95,102 12,402 7,296 722,400 
> 80 to 9055,973 90,785 27,750 1,272 213 262 176,255 
> 90 to 100
51,994 23,460 1,542 71 16 77 77,160 
> 100
28 912 24 9 5 88 1,066 
  Total 20- and 30-year or more, amortizing fixed-rate
252,879 391,687 861,548 638,903 106,984 419,386 2,671,387 
  Full-year gross charge-offs(1)
— 12 37 43 45 243 380 
  15-year or less, amortizing fixed-rate
≤ 604,221 20,246 121,709 98,338 12,488 56,493 313,495 
> 60 to 803,973 8,314 4,491 278 19 5 17,080 
> 80 to 90623 509 25 — — — 1,157 
> 90 to 100
198 33 1 — — — 232 
> 100
1 1 — — — 1 3 
  Total 15-year or less, amortizing fixed-rate9,016 29,103 126,226 98,616 12,507 56,499 331,967 
  Full-year gross charge-offs(1)
— 1 2 1 — 2 6 
  Adjustable-rate and other
≤ 60356 1,650 3,325 1,465 586 12,950 20,332 
> 60 to 801,153 2,651 1,105 89 25 227 5,250 
> 80 to 90689 1,040 48 3 — 18 1,798 
> 90 to 100
317 276 2 — — 8 603 
> 100
— 16 — — — 4 20 
  Total adjustable-rate and other2,515 5,633 4,480 1,557 611 13,207 28,003 
  Full-year gross charge-offs(1)
— — — — — 1 1 
Total for all loan product types by current LTV ratio:
≤ 6044,077 115,175 638,301 642,252 107,422 481,106 2,028,333 
> 60 to 80110,510 194,216 324,561 95,469 12,446 7,528 744,730 
> 80 to 9057,285 92,334 27,823 1,275 213 280 179,210 
> 90 to 100
52,509 23,769 1,545 71 16 85 77,995 
> 100
29 929 24 9 5 93 1,089 
Total Single-Family loans $264,410 $426,423 $992,254 $739,076 $120,102 $489,092 $3,031,357 
Total full-year gross charge-offs(1)
$— $13 $39 $44 $45 $246 $387 
(1)Excludes charge-offs related to accrued interest receivable and advances of pre-foreclosure costs.
Multifamily
The table below presents the amortized cost basis of our multifamily held-for-investment loans, for which we have not elected the fair value option, by credit quality indicator, based on available data through the end of each period presented. These indicators involve significant management judgment and are defined as follows:
n    "Pass" is current and adequately protected by the borrower's current financial strength and debt service capacity;
n    "Special mention" has administrative issues that may affect future repayment prospects but does not have current credit     weaknesses. In addition, this category generally includes loans in forbearance;
n    "Substandard" has a weakness that jeopardizes the timely full repayment; and
n    "Doubtful" has a weakness that makes collection or liquidation in full highly questionable and improbable based on existing conditions.
Freddie Mac 3Q 2024 Form 10-Q
60
Financial Statements
                         Notes to the Condensed Consolidated Financial Statements | Note 3


Table 3.7 - Amortized Cost Basis of Multifamily Held-for-Investment Loans by Credit Quality Indicator and Vintage
September 30, 2024
Year of OriginationTotal
(In millions) 20242023202220212020PriorRevolving Loans
Category:
Pass
$12,116 $14,611 $17,324 $7,196 $6,267 $7,930 $2,433 $67,877 
Special mention
50 27 325 46 102 330 — 880 
Substandard
— 29 388 319 192 308 — 1,236 
Doubtful
— — 5 — — 6 — 11 
Total $12,166 $14,667 $18,042 $7,561 $6,561 $8,574 $2,433 $70,004 
December 31, 2023


Year of OriginationTotal
(In millions) 20232022202120202019PriorRevolving Loans
Category:
Pass
$13,804 $17,845 $7,430 $6,345 $4,420 $3,254 $2,266 $55,364 
Special mention
20 85 28 43 294 106 — 576 
Substandard
— 33 188 259 223 464 — 1,167 
Doubtful
— — — — — — — — 
Total $13,824 $17,963 $7,646 $6,647 $4,937 $3,824 $2,266 $57,107 
Past Due Status
The table below presents the amortized cost basis of our single-family and multifamily held-for-investment loans, for which we have not elected the fair value option, by payment status.
Table 3.8 - Amortized Cost Basis of Held-for-Investment Loans by Payment Status(1)
September 30, 2024
(In millions)Current
One
Month
Past Due
Two
Months
Past Due
Three Months or
More Past Due,
or in Foreclosure(2)
Total
Non-Accrual With No Allowance(3)
Single-Family:
20- and 30-year or more, amortizing fixed-rate$2,700,992 $25,362 $6,334 $12,609 $2,745,297 $425 
  15-year or less, amortizing fixed-rate299,989 1,392 272 462 302,115 4 
Adjustable-rate and other26,713 312 95 224 27,344 36 
Total Single-Family3,027,694 27,066 6,701 13,295 3,074,756 465 
Total Multifamily69,845 42 3 114 70,004 61 
Total Single-Family and Multifamily$3,097,539 $27,108 $6,704 $13,409 $3,144,760 $526 
December 31, 2023
(In millions)CurrentOne
Month
Past Due		Two
Months
Past Due
Three Months or
More Past Due,
or in Foreclosure(2)
Total
Non-Accrual with No Allowance(3)
Single-Family:
20- and 30-year or more, amortizing fixed-rate$2,627,763 $25,528 $5,787 $12,309 $2,671,387 $406 
15-year or less, amortizing fixed-rate329,601 1,589 270 507 331,967 4 
Adjustable-rate and other27,317 342 95 249 28,003 49 
Total Single-Family2,984,681 27,459 6,152 13,065 3,031,357 459 
Total Multifamily57,031 12 — 64 57,107 23 
Total Single-Family and Multifamily$3,041,712 $27,471 $6,152 $13,129 $3,088,464 $482 
Referenced footnotes are on the next page.
Freddie Mac 3Q 2024 Form 10-Q
61
Financial Statements
                         Notes to the Condensed Consolidated Financial Statements | Note 3


(1)There were no held-for-investment loans that were three months or more past due and accruing interest as of both September 30, 2024 and December 31, 2023.
(2)Includes $2.4 billion and $2.0 billion of single-family loans that were in the process of foreclosure as of September 30, 2024 and December 31, 2023, respectively.
(3)Loans with no allowance for loan losses primarily represent loans that were previously charged off and for which the amount we expect to collect is sufficiently in excess of the amortized cost to result in recovery of the entire amortized cost basis if the property were foreclosed upon or otherwise subject to disposition. We exclude the amounts of allowance for credit losses on advances of pre-foreclosure costs when determining whether a loan has an allowance for credit losses.
Loan Restructurings
Single-Family Loan Restructurings
We offer several types of restructurings to single-family borrowers that may result in a payment delay, interest rate reduction, term extension, or combination thereof. We do not offer principal forgiveness.
For purposes of the disclosure related to single-family loan restructurings involving borrowers experiencing financial difficulty, we exclude loans that were held-for-sale either at the time of restructuring or at the period end. The table below presents the amortized cost basis of single-family held-for-investment loan restructurings involving borrowers experiencing financial difficulty that we entered into during the periods presented.
Table 3.9 - Single-Family Loan Restructurings Involving Borrowers Experiencing Financial Difficulty(1)
3Q 2024
(Dollars in millions)
Payment Delay(2)
Payment Delay and Term ExtensionPayment Delay, Term Extension, and Interest Rate ReductionTotal
Total as % of Class of Financing Receivable(3)
Single-Family:
20- and 30-year or more, amortizing fixed-rate$5,597 $1,533 $25 $7,155 0.3 %
15-year or less, amortizing fixed-rate213 — — 213 0.1 
Adjustable-rate and other57 3 1 61 0.2 
Total Single-Family loan restructurings$5,867 $1,536 $26 $7,429 0.2 
3Q 2023
(Dollars in millions)
Payment Delay(2)
Payment Delay and Term ExtensionPayment Delay, Term Extension, and Interest Rate ReductionTotal
Total as % of Class of Financing Receivable(3)
Single-Family:
20- and 30-year or more, amortizing fixed-rate$5,232 $1,140 $13 $6,385 0.2 %
15-year or less, amortizing fixed-rate230 — — 230 0.1 
Adjustable-rate and other49 6 1 56 0.2 
Total Single-Family loan restructurings$5,511 $1,146 $14 $6,671 0.2 
YTD 2024
(Dollars in millions)
Payment Delay(2)
Payment Delay and Term ExtensionPayment Delay, Term Extension, and Interest Rate ReductionTotal
Total as % of Class of Financing Receivable(3)
Single-Family:
20- and 30-year or more, amortizing fixed-rate$13,370 $4,256 $44 $17,670 0.6 %
15-year or less, amortizing fixed-rate526 — — 526 0.2 
Adjustable-rate and other137 9 1 147 0.5 
Total Single-Family loan restructurings$14,033 $4,265 $45 $18,343 0.6 
Referenced footnotes are on the next page.
Freddie Mac 3Q 2024 Form 10-Q
62
Financial Statements
                         Notes to the Condensed Consolidated Financial Statements | Note 3


YTD 2023
(Dollars in millions)
Payment Delay(2)
Payment Delay and Term ExtensionPayment Delay, Term Extension, and Interest Rate ReductionTotal
Total as % of Class of Financing Receivable(3)
Single-Family:
20- and 30-year or more, amortizing fixed-rate$13,945 $3,122 $123 $17,190 0.6 %
15-year or less, amortizing fixed-rate683 — — 683 0.2 
Adjustable-rate and other154 19 6 179 0.6 
Total Single-Family loan restructurings$14,782 $3,141 $129 $18,052 0.6 
(1)     Type of loan restructurings reflects the cumulative effects of the loan restructurings received during the period. Includes loan modifications in the period in which the borrower completes the trial period and the loan is permanently modified. The amortized cost basis of loans in trial period modification plans was $2.0 billion and $1.6 billion as of September 30, 2024 and September 30, 2023, respectively. Most of these loans are 20- and 30-year or more, amortizing fixed-rate loans.
(2)    Includes $1.7 billion and $6.1 billion related to payment deferral plans for 3Q 2024 and YTD 2024, respectively, compared to $1.9 billion and $6.5 billion for 3Q 2023 and YTD 2023, respectively. Also includes forbearance plans, repayment plans, and loan modifications that only involve payment delays.
(3)    Based on the amortized cost basis as of period end, divided by the total period-end amortized cost basis of the corresponding financing receivable class of single-family held-for-investment loans.
The table below shows the financial effect of single-family held-for-investment loan restructurings involving borrowers experiencing financial difficulty that we entered into during the periods presented.
Table 3.10 – Financial Effects of Single-Family Loan Restructurings Involving Borrowers Experiencing Financial Difficulty(1)
3Q 2024
(Dollars in thousands)Weighted-Average Interest Rate ReductionWeighted-Average Months of Term Extension
Weighted-Average Payment Deferral or Principal Forbearance(2)
Single-Family:
20- and 30-year or more, amortizing fixed-rate0.5 %168$16 
15-year or less, amortizing fixed-rate— 109 
Adjustable-rate and other1.1 25512 
3Q 2023
(Dollars in thousands)Weighted-Average Interest Rate ReductionWeighted-Average Months of Term Extension
Weighted-Average Payment Deferral or Principal Forbearance(2)
Single-Family:
20- and 30-year or more, amortizing fixed-rate1.2 %175$18 
15-year or less, amortizing fixed-rate— 015 
Adjustable-rate and other1.0 22218 
YTD 2024
(Dollars in thousands)Weighted-Average Interest Rate ReductionWeighted-Average Months of Term Extension
Weighted-Average Payment Deferral or Principal Forbearance(2)
Single-Family:
20- and 30-year or more, amortizing fixed-rate0.6 %168$16 
15-year or less, amortizing fixed-rate— 1013 
Adjustable-rate and other1.0 23513 
Referenced footnotes are on the next page.
Freddie Mac 3Q 2024 Form 10-Q
63
Financial Statements
                         Notes to the Condensed Consolidated Financial Statements | Note 3


YTD 2023
(Dollars in thousands)Weighted-Average Interest Rate ReductionWeighted-Average Months of Term Extension
Weighted-Average Payment Deferral or Principal Forbearance(2)
Single-Family:
20- and 30-year or more, amortizing fixed-rate1.0 %177$17 
15-year or less, amortizing fixed-rate— 016 
Adjustable-rate and other1.8 20217 
(1)     Averages are based on payment deferral plans and loan modifications completed during the periods presented. The financial effects of forbearance plans and repayment plans consist of a payment delay of between one and twelve months. In addition, the financial effect of a forbearance plan is included at the time the forbearance plan is completed if the borrower exits forbearance by entering into a payment deferral plan or loan modification.
(2)     Primarily related to payment deferral plans. Amounts are based on non-interest-bearing principal balances on the restructured loans.
The following table provides the amortized cost basis of single-family held-for-investment loans that had a payment default (i.e., loans that became two months delinquent) during the periods presented and had been restructured within the previous 12 months preceding the payment default, when the borrower was experiencing financial difficulty at the time of the restructuring.
Table 3.11 - Subsequent Defaults of Single-Family Restructured Loans Involving Borrowers Experiencing Financial Difficulty(1)
3Q 2024
(In millions)
Payment Delay
Payment Delay and Term ExtensionPayment Delay, Term Extension, and Interest Rate ReductionTotal
Single-Family:
20- and 30-year or more, amortizing fixed-rate$1,166 $544 $5 $1,715 
15-year or less, amortizing fixed-rate44 — — 44 
Adjustable-rate and other13 — — 13 
Total Single-Family$1,223 $544 $5 $1,772 
3Q 2023
(In millions)
Payment Delay
Payment Delay and Term ExtensionPayment Delay, Term Extension, and Interest Rate ReductionTotal
Single-Family:
20- and 30-year or more, amortizing fixed-rate$810 $319 $57 $1,186 
15-year or less, amortizing fixed-rate33 — — 33 
Adjustable-rate and other11 2 1 14 
Total Single-Family$854 $321 $58 $1,233 
YTD 2024
(In millions)
Payment Delay
Payment Delay and Term ExtensionPayment Delay, Term Extension, and Interest Rate ReductionTotal
Single-Family:
20- and 30-year or more, amortizing fixed-rate$2,516 $1,144 $11 $3,671 
15-year or less, amortizing fixed-rate86 — — 86 
Adjustable-rate and other26 1 — 27 
Total Single-Family$2,628 $1,145 $11 $3,784 
Referenced footnotes are on the next page.
Freddie Mac 3Q 2024 Form 10-Q
64
Financial Statements
                         Notes to the Condensed Consolidated Financial Statements | Note 3


YTD 2023
(In millions)
Payment Delay
Payment Delay and Term ExtensionPayment Delay, Term Extension, and Interest Rate ReductionTotal
Single-Family:
20- and 30-year or more, amortizing fixed-rate$1,877 $614 $315 $2,806 
15-year or less, amortizing fixed-rate78 — — 78 
Adjustable-rate and other25 5 6 36 
Total Single-Family$1,980 $619 $321 $2,920 
(1)    Excludes forbearance plans and repayment plans as borrowers are typically past due based on the loan's original contractual terms at the time the borrowers enter into these plans.
The following table provides the single-family held-for-investment loan performance in the 12 months after a restructuring involving borrowers experiencing financial difficulty. While a single-family loan is in a forbearance plan or repayment plan, payments continue to be due based on the loan’s original contractual terms because the loan has not been permanently modified. As a result, we report single-family loans in forbearance plans and repayment plans as delinquent to the extent that payments are past due based on the loan’s original contractual terms. Loans that have been restructured by entering into a payment deferral plan or loan modification are reported as delinquent to the extent that payments are past due based on the loan's restructured terms.
Table 3.12 - Amortized Cost Basis of Single-Family Restructured Loans Involving Borrowers Experiencing Financial Difficulty by Payment Status
September 30, 2024
(In millions)CurrentOne Month Past DueTwo Months Past DueThree Months or More Past DueTotal
Single-Family:
20- and 30-year or more, amortizing fixed-rate$10,808 $3,161 $1,932 $5,602 $21,503 
15-year or less, amortizing fixed-rate307 98 63 190 658 
Adjustable-rate and other83 25 18 53 179 
Total Single-Family$11,198 $3,284 $2,013 $5,845 $22,340 
September 30, 2023
(In millions)CurrentOne Month Past DueTwo Months Past DueThree Months or More Past DueTotal
Single-Family:
20- and 30-year or more, amortizing fixed-rate$11,858 $2,636 $1,484 $5,805 $21,783 
15-year or less, amortizing fixed-rate483 96 56 248 883 
Adjustable-rate and other123 26 15 71 235 
Total Single-Family$12,464 $2,758 $1,555 $6,124 $22,901 
Non-Cash Investing and Financing Activities
During YTD 2024 and YTD 2023, we acquired $160.6 billion and $160.8 billion, respectively, of loans held-for-investment in exchange for the issuance of debt of consolidated trusts in guarantor swap transactions. We received approximately $76.0 billion and $72.9 billion of loans held-for-investment from sellers during YTD 2024 and YTD 2023, respectively, to satisfy advances to lenders that were recorded in other assets on our condensed consolidated balance sheets.

Freddie Mac 3Q 2024 Form 10-Q
65
Financial Statements
                         Notes to the Condensed Consolidated Financial Statements | Note 4

NOTE 4
Guarantees and Other Off-Balance Sheet Credit Exposures
Guarantee Activities
The table below presents information about our mortgage-related guarantees and guarantees of Fannie Mae securities, including the UPB of the loans or securities underlying the guarantee, the maximum potential amount of future payments that we could be required to make under the guarantee, the liability we have recognized on our condensed consolidated balance sheets for the guarantee, and the maximum remaining term of the guarantee. This table does not include our unrecognized guarantees, such as guarantees to consolidated VIEs or to resecuritization trusts that do not expose us to incremental credit risk. We do not believe the potential amount of future payments we could be required to make is representative of the actual payments we will be required to make or the actual loss we are likely to incur, based on our historical loss experience and after consideration of proceeds from related collateral liquidation, including possible recoveries under credit enhancements.
Table 4.1 - Financial Guarantees
September 30, 2024
(Dollars in millions, terms in years)
UPBMaximum Exposure
Recognized Liability(1)
Maximum Remaining Term
Single-Family mortgage-related guarantees:
Nonconsolidated securitization products(2)
$30,287 $24,684 $411 40
Other mortgage-related guarantees8,126 8,127 135 28
Total Single-Family mortgage-related guarantees38,413 32,811 546 
Multifamily mortgage-related guarantees:
Nonconsolidated securitization products(2)(3)
359,166 320,710 4,231 36
Other mortgage-related guarantees11,190 11,190 374 34
Total Multifamily mortgage-related guarantees370,356 331,900 4,605 
Guarantees of Fannie Mae securities(4)
105,769 105,769 — 37
Other83 454 — 30
December 31, 2023
(Dollars in millions, terms in years)
UPBMaximum Exposure
Recognized Liability(1)
Maximum Remaining Term
Single-Family mortgage-related guarantees:
Nonconsolidated securitization products(2)
$30,289 $24,600 $382 40
Other mortgage-related guarantees8,692 8,692 161 28
Total Single-Family mortgage-related guarantees38,981 33,292 543 
Multifamily mortgage-related guarantees:
Nonconsolidated securitization products(2)(3)
360,928 321,262 4,577 36
Other mortgage-related guarantees10,761 10,761 383 35
Total Multifamily mortgage-related guarantees371,689 332,023 4,960 
Guarantees of Fannie Mae securities(4)
110,320 110,320 — 38
Other117 468 — 30
(1)    Excludes allowance for credit losses on off-balance sheet credit exposures. See Note 5 for additional information on our allowance for credit losses on off-balance sheet credit exposures.
(2)    Maximum exposure is based on remaining UPB of the guaranteed securities issued by the VIE.
(3)    Includes UPB of $0.5 billion and $0.3 billion as of September 30, 2024 and December 31, 2023, respectively, related to VIEs in which our interest would no longer absorb significant variability as the guaranteed securities have completely paid off. In addition, includes guarantees that are accounted for as derivatives with UPB of $2.0 billion and $2.1 billion as of September 30, 2024 and December 31, 2023, respectively.
(4)    Excludes less than $0.1 billion and $0.1 billion as of September 30, 2024 and December 31, 2023, respectively, of Fannie Mae securities that we have guaranteed that are included in resecuritization trusts that we have consolidated as we own all of the outstanding securities issued by the VIE.
Freddie Mac 3Q 2024 Form 10-Q
66
Financial Statements
                         Notes to the Condensed Consolidated Financial Statements | Note 4

The table below presents the payment status of the mortgage loans underlying our mortgage-related guarantees.
Table 4.2 – UPB of Loans Underlying Our Mortgage-Related Guarantees by Payment Status
September 30, 2024
(In millions)Current
One
Month
Past Due
Two
Months
Past Due
Three Months or
More Past Due,
or in Foreclosure
Total
Single-Family$34,170 $2,049 $792 $1,402 $38,413 
Multifamily368,368 396 169 1,423 370,356 
Total$402,538 $2,445 $961 $2,825 $408,769 
December 31, 2023
(In millions)Current
One
Month
Past Due
Two
Months
Past Due
Three Months or
More Past Due,
or in Foreclosure
Total
Single-Family$34,524 $2,172 $827 $1,458 $38,981 
Multifamily369,785 850 98 956 371,689 
Total$404,309 $3,022 $925 $2,414 $410,670 
Other Off-Balance Sheet Credit Exposures
In addition to our guarantees, we enter into other agreements that expose us to off-balance sheet credit risk. These agreements may require us to transfer cash before or upon settlement of our contractual obligation. We recognize an allowance for credit losses for those agreements not measured at fair value or otherwise recognized in the financial statements. Most of these commitments expire in less than one year. See Note 5 for additional discussion of our allowance for credit losses on our off-balance sheet credit exposures. The table below presents our other off-balance sheet credit exposures.
Table 4.3 – Other Off-Balance Sheet Credit Exposures
(In millions)September 30, 2024December 31, 2023
Mortgage loan purchase commitments(1)
$17,445 $10,378 
Unsettled securities purchased under agreements to resell, net(2)
29,161 22,276 
Other commitments(3)
4,298 4,701 
Total$50,904 $37,355 
(1)Includes $3.1 billion and $1.9 billion of commitments for which we have elected the fair value option as of September 30, 2024 and December 31, 2023, respectively. Excludes mortgage loan purchase commitments accounted for as derivative instruments. See Note 8 for additional information on commitments accounted for as derivative instruments.
(2)Net of $4.0 billion of unsettled securities sold under agreements to repurchase as of December 31, 2023. There was no such activity as of September 30, 2024.
(3)Consists of unfunded portion of revolving lines of credit, liquidity guarantees, and other commitments.
Freddie Mac 3Q 2024 Form 10-Q
67
Financial Statements
                         Notes to the Condensed Consolidated Financial Statements | Note 5
NOTE 5
Allowance for Credit Losses
The table below summarizes changes in our allowance for credit losses.
Table 5.1 - Details of the Allowance for Credit Losses
3Q 20243Q 2023YTD 2024YTD 2023
 (In millions) Single-FamilyMulti-familyTotalSingle-FamilyMulti-familyTotalSingle-FamilyMulti-familyTotalSingle-FamilyMulti-familyTotal
Beginning balance$6,760 $587 $7,347 $7,457 $325 $7,782 $6,402 $447 $6,849 $7,746 $147 $7,893 
Provision (benefit) for credit losses(99)(92)(191)(304)41 (263)336 48 384 (624)219 (405)
Charge-offs(75)— (75)(221)— (221)(367)— (367)(422)— (422)
Recoveries collected39 — 39 54 — 54 89 — 89 115 — 115 
Other(1)
72 — 72 80 — 80 237 — 237 251 — 251 
Ending balance$6,697 $495 $7,192 $7,066 $366 $7,432 $6,697 $495 $7,192 $7,066 $366 $7,432 
Components of the ending balance of the allowance for credit losses:
Mortgage loans held-for-investment$6,392 $345 $6,737 $6,668 $280 $6,948 
Other(2)
305 150 455 398 86 484 
Total ending balance$6,697 $495 $7,192 $7,066 $366 $7,432 
(1)Primarily includes capitalization of past due interest related to non-accrual loans that received payment deferral plans and loan modifications.
(2)Includes allowance for credit losses related to advances of pre-foreclosure costs and off-balance sheet credit exposures.
n    3Q 2024 vs. 3Q 2023 - The benefit for credit losses for 3Q 2024 was driven by a credit reserve release in Single-Family as a result of lower mortgage interest rates and a credit reserve release in Multifamily due to enhancements in the credit loss estimation process. The benefit for credit losses for 3Q 2023 was primarily driven by a credit reserve release in Single-Family due to improvements in house prices.
n    YTD 2024 vs. YTD 2023 - The provision for credit losses for YTD 2024 was primarily driven by a credit reserve build in Single-Family attributable to new acquisitions. The benefit for credit losses for YTD 2023 was primarily driven by a credit reserve release in Single-Family due to improvements in house prices, partially offset by a credit reserve build in Multifamily.
In addition, charge-offs decreased year-over-year during 3Q 2024 primarily due to a lower volume of transfers of single-family loans from held-for-investment to held-for-sale. Charge-offs decreased year-over-year during YTD 2024 primarily due to a decrease in charge-offs of accrued interest receivable.
Freddie Mac 3Q 2024 Form 10-Q
68
Financial Statements
                         Notes to the Condensed Consolidated Financial Statements | Note 6
NOTE 6
Investment Securities
The table below summarizes the fair values of our investments in debt securities by classification.
Table 6.1 - Investment Securities
(In millions)September 30, 2024December 31, 2023
Trading securities$39,356 $38,385 
Available-for-sale securities4,257 4,890 
Total fair value of investment securities$43,613 $43,275 
Trading Securities
The table below presents the fair values of our trading securities by major security type. Our non-mortgage-related securities primarily consist of investments in U.S. Treasury securities.
Table 6.2 - Trading Securities
(In millions)September 30, 2024December 31, 2023
Mortgage-related securities$8,825 $8,113 
Non-mortgage-related securities30,531 30,272 
Total fair value of trading securities$39,356 $38,385 
The table below provides details of our net trading gains (losses).
Table 6.3 - Net Trading Gains (Losses)
(In millions)3Q 20243Q 2023YTD 2024YTD 2023
Net trading gains (losses)$993 ($220)$794 ($332)
Less: Net trading gains (losses) on securities sold238 (84)131 (31)
Net trading gains (losses) recognized during the period related to securities still held at period end$755 ($136)$663 ($301)
Available-for-Sale Securities
The table below provides details of the securities classified as available-for-sale on our condensed consolidated balance sheets. At both September 30, 2024 and December 31, 2023, all available-for-sale securities were mortgage-related securities.
Table 6.4 - Available-for-Sale Securities
September 30, 2024
Amortized
Cost
Basis		Gross Unrealized Gains in Other Comprehensive IncomeGross Unrealized
Losses in Other Comprehensive Income		Fair ValueAccrued Interest Receivable
(In millions)
Agency mortgage-related securities$3,843 $16 ($67)$3,792 $9 
Other mortgage-related securities279 198 (12)465 2 
Total available-for-sale securities$4,122 $214 ($79)$4,257 $11 
December 31, 2023
Amortized
Cost
Basis		Gross Unrealized Gains in Other Comprehensive IncomeGross Unrealized
Losses in Other Comprehensive Income		Fair ValueAccrued Interest Receivable
(In millions)
Agency mortgage-related securities$4,467 $13 ($110)$4,370 $10 
Other mortgage-related securities340 188 (8)520 3 
Total available-for-sale securities$4,807 $201 ($118)$4,890 $13 
Freddie Mac 3Q 2024 Form 10-Q
69
Financial Statements
                         Notes to the Condensed Consolidated Financial Statements | Note 6

The fair value of our available-for-sale securities held at September 30, 2024 scheduled to contractually mature after ten years was $1.3 billion, with an additional $1.5 billion scheduled to contractually mature after five years through ten years.
The table below presents available-for-sale securities in a gross unrealized loss position and whether such securities have been in an unrealized loss position for less than 12 months, or 12 months or greater.
Table 6.5 - Available-for-Sale Securities in a Gross Unrealized Loss Position
September 30, 2024
Less than 12 Months12 Months or Greater
(In millions)Fair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
Agency mortgage-related securities$397 ($1)$2,453 ($66)
Other mortgage-related securities5 — 29 (12)
Total available-for-sale securities in a gross unrealized loss position$402 ($1)$2,482 ($78)
December 31, 2023
Less than 12 Months12 Months or Greater
(In millions)Fair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
Agency mortgage-related securities$374 ($1)$3,006 ($108)
Other mortgage-related securities23 (4)23 (5)
Total available-for-sale securities in a gross unrealized loss position$397 ($5)$3,029 ($113)
At September 30, 2024, the gross unrealized losses relate to 140 securities.
The table below summarizes the total proceeds, gross realized gains and gross realized losses from sales of available-for-sale securities.
Table 6.6 - Total Proceeds, Gross Realized Gains and Gross Realized Losses from Sales of Available-for-Sale Securities
(In millions)3Q 20243Q 2023YTD 2024YTD 2023
Total proceeds$260 $1,441 $1,097 $2,333 
Gross realized gains5 — 8 5 
Gross realized losses— (118)(12)(122)
Net realized gains (losses)$5 ($118)($4)($117)
Non-Cash Investing and Financing Activities
During YTD 2023, we recognized $1.7 billion of investment securities in exchange for the issuance of debt of consolidated trusts through partial sales of commingled single-class resecuritization products that were previously consolidated.
During YTD 2024 and YTD 2023, we derecognized $2.0 billion and $3.5 billion, respectively, of mortgage-related securities and debt of consolidated trusts where we were no longer deemed the primary beneficiary.

Freddie Mac 3Q 2024 Form 10-Q
70
Financial Statements
                         Notes to the Condensed Consolidated Financial Statements | Note 7

NOTE 7
Debt
The table below summarizes the balances of total debt on our condensed consolidated balance sheets.
Table 7.1 - Total Debt
(In millions)
September 30, 2024December 31, 2023
Debt of consolidated trusts$3,092,140 $3,041,927 
Debt of Freddie Mac:
Short-term debt
13,817 5,976 
Long-term debt
159,310 160,443 
Total debt of Freddie Mac173,127 166,419 
Total debt
$3,265,267 $3,208,346 
Debt of Consolidated Trusts
The table below summarizes the debt of consolidated trusts based on underlying loan product type.
Table 7.2 - Debt of Consolidated Trusts
September 30, 2024December 31, 2023
(Dollars in millions)
Contractual
Maturity
UPB
Carrying Amount(1)
Weighted
Average
Coupon(2)
Contractual
Maturity
UPB
Carrying Amount(1)
Weighted
Average
Coupon(2)
Single-Family:
20-and 30-year or more, fixed-rate2024 - 2061$2,670,853 $2,706,909 3.28 %2024 - 2061$2,603,100 $2,640,550 3.06 %
15-year or less, fixed-rate2024 - 2039298,106 302,263 2.27 2024 - 2039326,242 331,291 2.20 
Adjustable-rate and other2024 - 205423,222 23,644 4.41 2024 - 205423,251 23,749 3.93 
Total Single-Family2,992,181 3,032,816 2,952,593 2,995,590 
Multifamily2024-205460,444 59,324 3.50 2024 - 205347,300 46,337 3.35 
Total debt of consolidated trusts$3,052,625 $3,092,140 $2,999,893 $3,041,927 
(1)Includes $2.8 billion and $2.1 billion as of September 30, 2024 and December 31, 2023, respectively, of debt of consolidated trusts that represents the fair value of debt for which the fair value option was elected.
(2)The effective interest rate for debt of consolidated trusts was 2.92% and 2.73% as of September 30, 2024 and December 31, 2023, respectively.

Short-Term Debt
The table below summarizes the balances and effective interest rates for our short-term debt.
Table 7.3 - Short-Term Debt
September 30, 2024December 31, 2023
(Dollars in millions)Par ValueCarrying AmountWeighted
Average
Effective Rate		Par ValueCarrying AmountWeighted
Average
Effective Rate
Discount notes and Reference Bills®
$13,842 $13,817 4.93 %$6,032 $5,976 5.39 %
Freddie Mac 3Q 2024 Form 10-Q
71
Financial Statements
                         Notes to the Condensed Consolidated Financial Statements | Note 7

Long-Term Debt
The table below summarizes our long-term debt.
Table 7.4 - Long-Term Debt
September 30, 2024December 31, 2023
(Dollars in millions)Contractual MaturityPar Value
Carrying Amount(1)
Weighted
Average
Effective Rate(2)
Contractual MaturityPar Value
Carrying Amount(1)
Weighted
Average
Effective Rate(2)
Long-term debt:
Fixed-rate:
Medium-term notes — callable2024 - 2054$120,304 $120,194 3.16 %2024 - 2050$139,344 $139,257 3.13 %
Medium-term notes — non-callable2024 - 2028327 327 3.29 2024 - 20281,573 1,574 0.98 
Reference Notes securities — non-callable2025 - 203218,162 18,210 3.19 2025 - 203218,162 18,209 3.19 
SCR debt notes2031 - 203277 79 13.00 2031 - 203282 83 13.00 
Variable-rate:
Medium-term notes — callable 2024 - 2034 1,637 1,636 4.62  2024 - 2028 1,869 1,867 4.81 
Medium-term notes — non-callable202617,647 17,644 5.34 202647 47 8.10 
STACR2025-20421,630 1,553 12.34 2024 - 20422,095 2,006 11.45 
Zero-coupon:
Medium-term notes — non-callable 2025 - 2039 4,748 3,161 6.20  2024 - 20394,836 3,100 6.17 
Other2047 - 2053— 110 0.85 2047 - 2053— 121 0.84 
Hedging-related basis adjustmentsN/A(3,604)N/A(5,821)
Total long-term debt$164,532 $159,310 3.56 %$168,008 $160,443 3.30 %
(1)Represents par value, net of associated discounts or premiums and issuance cost. Includes $0.3 billion and $0.4 billion at September 30, 2024 and December 31, 2023, respectively, of long-term debt that represents the fair value of debt for which the fair value option was elected.
(2)Based on carrying amount.

The table below summarizes the contractual maturities of long-term debt and debt securities.
Table 7.5 - Contractual Maturities of Long-Term Debt and Debt Securities
September 30, 2024
(In millions)Amounts
Annual Maturities
Long-term debt (excluding STACR and SCR debt notes):
2024$6,787 
202553,207 
202630,626 
202718,426 
20289,892 
Thereafter
43,887 
Debt of consolidated trusts, STACR, and SCR debt notes(1)
3,054,332 
Total3,217,157 
Net discounts, premiums, debt issuance costs, hedge-related, and other basis adjustments(2)
34,293 
Total debt of consolidated trusts, STACR, SCR, and long-term debt$3,251,450 
(1)Contractual maturities of these debt securities are not presented because they are subject to prepayment risk, as their payments are based upon the performance of a pool of mortgage assets that may be prepaid by the related mortgage borrower at any time generally without penalty.
(2)Other basis adjustments primarily represent changes in fair value on debt where we have elected the fair value option.
Freddie Mac 3Q 2024 Form 10-Q
72
Financial Statements
                         Notes to the Condensed Consolidated Financial Statements | Note 8

NOTE 8
Derivatives
We analyze the interest-rate sensitivity of financial assets and liabilities across a variety of interest-rate scenarios based on market prices, models, and economics. We use derivatives primarily to hedge interest-rate sensitivity mismatches between our financial assets and liabilities. We designate certain derivatives as hedging instruments in qualifying hedge accounting relationships. Interest-rate risk management derivatives that are not designated in qualifying hedge accounting relationships are economic hedges of financial instruments measured at fair value on a recurring basis or of other transactions or instruments that expose us to interest-rate risk. When we use derivatives to mitigate our exposures, we consider a number of factors, including cost, exposure to counterparty credit risk, and our overall risk management strategy.
We apply fair value hedge accounting to certain single-family mortgage loans and certain issuances of debt where we hedge the changes in fair value of these items attributable to the designated benchmark interest rate, using interest-rate swaps.
Derivative Assets and Liabilities at Fair Value
The table below presents the notional value and fair value of derivatives reported on our condensed consolidated balance sheets.
Table 8.1 - Derivative Assets and Liabilities at Fair Value
September 30, 2024December 31, 2023
 Notional or
Contractual
Amount		Derivative AssetsDerivative LiabilitiesNotional or
Contractual
Amount		Derivative AssetsDerivative Liabilities
(In millions)
Not designated as hedges
Interest-rate risk management derivatives:
Swaps$360,455 $1,347 ($488)$351,193 $1,638 ($462)
Written options40,819 — (1,614)48,227 — (1,746)
Purchased options(1)
92,390 3,963 — 89,790 4,251 — 
Futures90,674 — — 132,982 — — 
Total interest-rate risk management derivatives584,338 5,310 (2,102)622,192 5,889 (2,208)
Mortgage commitment derivatives57,116 24 (19)26,911 43 (10)
CRT-related derivatives(2)
29,185 — (210)30,578 — (228)
Other19,788 38 (534)14,572 3 (567)
Total derivatives not designated as hedges690,427 5,372 (2,865)694,253 5,935 (3,013)
Designated as fair value hedges
Interest-rate risk management derivatives:
Swaps160,595 235 (3,793)172,202 276 (5,658)
Total derivatives designated as fair value hedges160,595 235 (3,793)172,202 276 (5,658)
Receivables (payables)239 (1)17 (36)
Netting adjustments(3)
(5,252)5,723 (5,742)7,834 
Total derivative portfolio, net$851,022 $594 ($936)$866,455 $486 ($873)
(1)Includes swaptions on credit indices with a notional or contractual amount of $6.9 billion and $6.4 billion at September 30, 2024 and December 31, 2023, respectively, and a fair value of $1.0 million at both September 30, 2024 and December 31, 2023.
(2)Includes derivative instruments related to CRT transactions that are considered freestanding credit enhancements.
(3)Represents counterparty netting and cash collateral netting.
Freddie Mac 3Q 2024 Form 10-Q
73
Financial Statements
                         Notes to the Condensed Consolidated Financial Statements | Note 8

Derivative Counterparty Credit Risk
The table below presents offsetting and collateral information related to derivatives which are subject to enforceable master netting agreements or similar arrangements.
Table 8.2 - Offsetting of Derivatives
September 30, 2024December 31, 2023
 Derivative AssetsDerivative LiabilitiesDerivative AssetsDerivative Liabilities
(In millions)
OTC derivatives$5,546 ($5,895)$6,165 ($7,866)
Cleared and exchange-traded derivatives225 (1)13 (36)
Mortgage commitment derivatives37 (19)47 (10)
Other38 (744)3 (795)
Total derivatives5,846 (6,659)6,228 (8,707)
Counterparty netting(3,468)3,468 (4,210)4,210 
Cash collateral netting(1)
(1,784)2,255 (1,532)3,624 
Net amount presented in the consolidated balance sheets594 (936)486 (873)
Gross amount not offset in the consolidated balance sheets(2)
(193)47 (366)47 
Net amount$401 ($889)$120 ($826)
(1)Excess cash collateral held is presented as a derivative liability, while excess cash collateral posted is presented as a derivative asset.
(2)Does not include the fair value amount of non-cash collateral posted or held that exceeds the associated net asset or liability, netted by counterparty, presented on the condensed consolidated balance sheets.
Gains and Losses on Derivatives
The table below presents the gains and losses on derivatives not designated in qualifying hedge relationships. These amounts are reported on our condensed consolidated statements of income as investment gains, net.
Table 8.3 - Gains and Losses on Derivatives
(In millions) 3Q 20243Q 2023YTD 2024YTD 2023
Not designated as hedges
Interest-rate risk management derivatives:
Swaps($425)($48)($27)$360 
Written options223 (424)174 (147)
Purchased options(511)1,012 (213)463 
Futures(475)668 68 880 
      Total interest-rate risk management derivatives fair value gains (losses)(1,188)1,208 2 1,556 
Mortgage commitment derivatives(415)248 (343)293 
CRT-related derivatives(1)
39 (10)47 (154)
Other194 (194)31 (197)
        Total derivatives not designated as hedges fair value gains (losses)($1,370)$1,252 ($263)$1,498 
(1)Includes derivative instruments related to CRT transactions that are considered freestanding credit enhancements.
Freddie Mac 3Q 2024 Form 10-Q
74
Financial Statements
                         Notes to the Condensed Consolidated Financial Statements | Note 8

Fair Value Hedges
The table below presents the effects of fair value hedge accounting by condensed consolidated statements of income line item, including the gains and losses on derivatives and hedged items designated in qualifying hedge relationships and other components due to the application of hedge accounting.
Table 8.4 - Gains and Losses on Fair Value Hedges
3Q 20243Q 2023
(In millions) Interest Income Interest Expense Interest Income Interest Expense
Total amounts of income and expense line items presented in our condensed consolidated statements of income in which the effects of fair value hedges are recorded:$29,809 ($24,810)$26,799 ($22,050)
Interest contracts on mortgage loans held-for-investment:
Gain (loss) on fair value hedging relationships:
Hedged items2,049 — (1,722)— 
Derivatives designated as hedging instruments(2,039)— 1,658 — 
Interest accruals on hedging instruments227 — 225 — 
Discontinued hedge related basis adjustments amortization44 — 60 — 
Interest contracts on debt:
Gain (loss) on fair value hedging relationships:
Hedged items— (1,869)— 16 
Derivatives designated as hedging instruments— 1,876 — (9)
Interest accruals on hedging instruments— (824)— (1,014)
Discontinued hedge related basis adjustment amortization— (1)— (145)
YTD 2024YTD 2023
(In millions)Interest IncomeInterest ExpenseInterest IncomeInterest Expense
Total amounts of income and expense line items presented in our condensed consolidated statements of income in which the effects of fair value hedges are recorded:$87,258 ($72,572)$77,541 ($63,768)
Interest contracts on mortgage loans held-for-investment:
Gain (loss) on fair value hedging relationships:
Hedged items820 — (1,563)— 
Derivatives designated as hedging instruments(926)— 1,485 — 
Interest accruals on hedging instruments701 — 687 — 
Discontinued hedge related basis adjustments amortization160 — 130 — 
Interest contracts on debt:
Gain (loss) on fair value hedging relationships:
Hedged items— (2,246)— (794)
Derivatives designated as hedging instruments— 2,268 — 776 
Interest accruals on hedging instruments— (2,627)— (3,065)
Discontinued hedge related basis adjustment amortization— (5)— (355)
Freddie Mac 3Q 2024 Form 10-Q
75
Financial Statements
                         Notes to the Condensed Consolidated Financial Statements | Note 8

The table below presents the cumulative basis adjustments and the carrying amounts of the hedged item by its respective balance sheet line item.
Table 8.5 - Cumulative Basis Adjustments Due to Fair Value Hedging
September 30, 2024
Carrying Amount Assets / (Liabilities)Cumulative Amount of Fair Value Hedging Basis Adjustment Included in the Carrying AmountClosed Portfolio Under the Portfolio Layer Method
(In millions)TotalUnder the Portfolio Layer MethodDiscontinued - Hedge RelatedTotal Amount by Amortized Cost BasisDesignated Amount by UPB
Mortgage loans held-for-investment$1,109,943 ($1,274)($75)($1,199)$56,306 $11,845 
Mortgage loans held-for-sale145 1 — 1 — — 
Debt(117,127)3,604 — 19 — — 
December 31, 2023
Carrying Amount Assets / (Liabilities)Cumulative Amount of Fair Value Hedging Basis Adjustment Included in the Carrying AmountClosed Portfolio Under the Portfolio Layer Method
(In millions)TotalUnder the Portfolio Layer MethodDiscontinued - Hedge RelatedTotal Amount by Amortized Cost BasisDesignated Amount by UPB
Mortgage loans held-for-investment$1,115,454 ($2,253)($220)($2,033)$59,786 $11,670 
Mortgage loans held-for-sale128 1 — 1 — — 
Debt(143,407)5,821 — 29 — — 

Freddie Mac 3Q 2024 Form 10-Q
76
Financial Statements
                       Notes to the Condensed Consolidated Financial Statements | Note 9

NOTE 9
Collateralized Agreements
Securities Purchased Under Agreements to Resell and Securities Sold Under Agreements to Repurchase
The table below presents offsetting and collateral information related to securities purchased under agreements to resell, and securities sold under agreements to repurchase, which are subject to enforceable master netting agreements or similar arrangements.
Table 9.1 - Offsetting and Collateral Information of Certain Financial Assets and Liabilities
 September 30, 2024
(In millions)
Gross
Amount
Recognized
Amount 
Offset in the Condensed
Consolidated
Balance Sheets		Net Amount
Presented in the Condensed Consolidated
Balance Sheets
Gross Amount
Not Offset in the Condensed  Consolidated
Balance Sheets(1)
Net
Amount
Assets:
Securities purchased under agreements to resell$105,220 ($2,110)$103,110 ($103,110)$— 
Liabilities:
Securities sold under agreements to repurchase(2,110)2,110 — — — 
 December 31, 2023
(In millions)
Gross
Amount
Recognized
Amount 
Offset in the Condensed
Consolidated
Balance Sheets		Net Amount
Presented in the Condensed Consolidated
Balance Sheets
Gross Amount
Not Offset in the Condensed  Consolidated
Balance Sheets(1)
Net
Amount
Assets:
Securities purchased under agreements to resell$105,393 ($10,245)$95,148 ($95,148)$— 
Liabilities:
Securities sold under agreements to repurchase(10,245)10,245 — — — 
(1)For securities purchased under agreements to resell, includes $105.2 billion and $104.2 billion of collateral that we had the right to repledge as of September 30, 2024 and December 31, 2023, respectively. We did not repledge collateral as of September 30, 2024. We repledged $0.4 billion of collateral as of December 31, 2023.
The table below presents the remaining contractual maturity of our gross obligations for securities sold under agreements to repurchase. The collateral for such obligations consisted primarily of U.S. Treasury securities.
Table 9.2 - Remaining Contractual Maturity
 September 30, 2024
(In millions)Overnight and Continuous30 Days or LessAfter 30 Days Through 90 DaysGreater Than 90 DaysTotal
Securities sold under agreements to repurchase$1,404 $706 $— $— $2,110 
December 31, 2023
(In millions)Overnight and Continuous30 Days or LessAfter 30 Days Through 90 DaysGreater Than 90 DaysTotal
Securities sold under agreements to repurchase$— $10,245 $— $— $10,245 
Freddie Mac 3Q 2024 Form 10-Q
77
Financial Statements
                       Notes to the Condensed Consolidated Financial Statements | Note 9

Collateral Pledged
The table below summarizes the carrying value of the collateral pledged by us for derivatives and collateralized borrowing transactions, including securities that the secured party may repledge.
Table 9.3 - Collateral in the Form of Securities Pledged
 September 30, 2024
(In millions)DerivativesSecurities Sold Under Agreements to Repurchase
Other(1)
Total
Trading securities$2,419 $2,093 $2,181 $6,693 
Other assets— — — — 
Total securities pledged$2,419 $2,093 $2,181 $6,693 
December 31, 2023
(In millions)DerivativesSecurities Sold Under Agreements to Repurchase
Other(1)
Total
Trading securities$1,866 $3,666 $2,370 $7,902 
Other assets— 4,555 — 4,555 
Total securities pledged$1,866 $8,221 $2,370 $12,457 
(1)Includes other collateralized borrowings and collateral related to transactions with certain clearinghouses.
Freddie Mac 3Q 2024 Form 10-Q
78
Financial Statements
                      Notes to the Condensed Consolidated Financial Statements | Note 10
NOTE 10
Net Interest Income
The table below presents the components of net interest income per our condensed consolidated statements of income.
Table 10.1 - Components of Net Interest Income
(In millions) 3Q 20243Q 2023YTD 2024YTD 2023
Interest income:
Mortgage loans$27,640 $24,525 $80,690 $71,427 
Investment securities510 427 1,464 1,106 
Securities purchased under agreements to resell1,511 1,660 4,636 4,502 
Other148 187 468 506 
Total interest income29,809 26,799 87,258 77,541 
Interest expense:
Debt of consolidated trusts(22,330)(19,383)(65,086)(56,252)
Debt of Freddie Mac:
Short-term debt(205)(191)(721)(593)
Long-term debt(2,275)(2,476)(6,765)(6,923)
Total interest expense(24,810)(22,050)(72,572)(63,768)
Net interest income4,999 4,749 14,686 13,773 
(Provision) benefit for credit losses191 263 (384)405 
Net interest income after (provision) benefit for credit losses$5,190 $5,012 $14,302 $14,178 
Freddie Mac 3Q 2024 Form 10-Q
79
Financial Statements
                      Notes to the Condensed Consolidated Financial Statements | Note 11

NOTE 11
Segment Reporting
As shown in the table below, we have two reportable segments, Single-Family and Multifamily.
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 Results
The table below presents the financial results for our Single-Family and Multifamily segments.
Table 11.1 - Segment Financial Results
3Q 20243Q 2023
(In millions)Single-FamilyMultifamilyTotalSingle-FamilyMultifamilyTotal
Net interest income $4,692 $307 $4,999 $4,534 $215 $4,749 
Non-interest income
Guarantee income23 464 487 25 276 301 
Investment gains, net282 (39)243 314 241 555 
Other income59 50 109 54 31 85 
Non-interest income364 475 839 393 548 941 
Net revenues5,056 782 5,838 4,927 763 5,690 
(Provision) benefit for credit losses99 92 191 304 (41)263 
Non-interest expense(1,966)(217)(2,183)(2,310)(266)(2,576)
Income before income tax expense3,189 657 3,846 2,921 456 3,377 
Income tax expense(616)(125)(741)(598)(94)(692)
Net income2,573 532 3,105 2,323 362 2,685 
Other comprehensive income (loss), net of taxes and reclassification adjustments10 52 62 (6)25 19 
Comprehensive income $2,583 $584 $3,167 $2,317 $387 $2,704 
YTD 2024YTD 2023
(In millions)Single-FamilyMultifamilyTotalSingle-FamilyMultifamilyTotal
Net interest income$13,815 $871 $14,686 $13,125 $648 $13,773 
Non-interest income
Guarantee income68 1,298 1,366 73 1,003 1,076 
Investment gains, net531 666 1,197 131 610 741 
Other income210 124 334 161 105 266 
Non-interest income 809 2,088 2,897 365 1,718 2,083 
Net revenues14,624 2,959 17,583 13,490 2,366 15,856 
(Provision) benefit for credit losses(336)(48)(384)624 (219)405 
Non-interest expense(5,812)(627)(6,439)(6,121)(591)(6,712)
Income before income tax expense8,476 2,284 10,760 7,993 1,556 9,549 
Income tax expense(1,674)(450)(2,124)(1,612)(313)(1,925)
Net income 6,802 1,834 8,636 6,381 1,243 7,624 
Other comprehensive income (loss), net of taxes and reclassification adjustments— 32 32 (5)24 19 
Comprehensive income$6,802 $1,866 $8,668 $6,376 $1,267 $7,643 

Freddie Mac 3Q 2024 Form 10-Q
80
Financial Statements
                      Notes to the Condensed Consolidated Financial Statements | Note 11

The table below presents total assets for our Single-Family and Multifamily segments.
Table 11.2 - Segment Assets
(In millions)September 30, 2024December 31, 2023
Single-Family$3,082,232 $3,038,910 
Multifamily452,116 440,797 
Total segment assets3,534,348 3,479,707 
Reconciling items(1)
(191,765)(198,731)
Total assets per condensed consolidated balance sheets$3,342,583 $3,280,976 
(1)Reconciling items include assets in our mortgage portfolio that are not recognized on our condensed consolidated balance sheets and assets recognized on our condensed consolidated balance sheets that are not allocated to the reportable segments.

Freddie Mac 3Q 2024 Form 10-Q
81
Financial Statements
                      Notes to the Condensed Consolidated Financial Statements | Note 12

NOTE 12
Concentration of Credit and Other Risks
Single-Family Mortgage Portfolio
The table below summarizes the concentration by geographic area of our Single-Family mortgage portfolio. See Note 2, Note 3, Note 4, and Note 5 for additional information about credit risk associated with single-family loans that we hold or guarantee.
Table 12.1 - Concentration of Credit Risk of Our Single-Family Mortgage Portfolio
September 30, 2024
(Dollars in millions)
Portfolio UPB(1)
% of PortfolioSDQ Rate
Region:(2)
West$915,004 30 %0.41 %
Northeast711,763 23 0.61 
Southeast543,620 18 0.57 
Southwest462,203 15 0.58 
North Central449,301 14 0.55 
Total$3,081,891 100 %0.54 
State:
California $514,106 17 %0.41 
Texas 220,446 7 0.66 
Florida 205,959 7 0.63 
New York 134,200 4 0.87 
Illinois 115,277 4 0.69 
All other1,891,903 61 0.51 
Total$3,081,891 100 %0.54 
(1)Excludes UPB of loans underlying certain securitization products for which data was not available.
(2)Region designation: West (AK, AZ, CA, GU, HI, ID, MT, NV, OR, UT, WA); Northeast (CT, DE, DC, MA, ME, MD, NH, NJ, NY, PA, RI, VT, VA, WV); Southeast (AL, FL, GA, KY, MS, NC, PR, SC, TN, VI); Southwest (AR, CO, KS, LA, MO, NE, NM, OK, TX, WY); North Central (IL, IN, IA, MI, MN, ND, OH, SD, WI).
Freddie Mac 3Q 2024 Form 10-Q
82
Financial Statements
Notes to the Condensed Consolidated Financial Statements | Note 12


Multifamily Mortgage Portfolio
The table below summarizes the concentration by geographic area of our Multifamily mortgage portfolio. See Note 2, Note 3, Note 4, and Note 5 for additional information about credit risk associated with multifamily loans that we hold or guarantee.
Table 12.2 - Concentration of Credit Risk of Our Multifamily Mortgage Portfolio
September 30, 2024
(Dollars in millions)Portfolio UPB% of Portfolio
Delinquency Rate(1)
Region(2)(3):
Northeast$110,770 25 %0.84 %
West110,254 24 0.17 
Southwest93,088 21 0.29 
Southeast93,087 21 0.16 
North Central44,917 9 0.45 
Total$452,116 100 %0.39 
State(3):
California$58,900 13 %0.22
Texas57,770 13 0.30
Florida39,525 9 0.10
New York35,378 8 1.91
Georgia19,212 4 0.21
All other241,331 53 0.29
Total$452,116 100 %0.39
(1)Based on loans two monthly payments or more delinquent or in foreclosure.
(2)Region designation: Northeast (CT, DE, DC, MA, ME, MD, NH, NJ, NY, PA, RI, VT, VA, WV); West (AK, AZ, CA, GU, HI, ID, MT, NV, OR, UT, WA); Southwest (AR, CO, KS, LA, MO, NE, NM, OK, TX, WY); Southeast (AL, FL, GA, KY, MS, NC, PR, SC, TN, VI); North Central (IL, IN, IA, MI, MN, ND, OH, SD, WI).
(3)The UPB of loans collateralized by properties located in multiple regions or states are reported entirely in the region or state with the largest underlying collateral UPB as of origination.
Freddie Mac 3Q 2024 Form 10-Q
83
Financial Statements
                      Notes to the Condensed Consolidated Financial Statements | Note 13

NOTE 13
Fair Value Disclosures
We use fair value measurements for the initial recording of certain assets and liabilities and periodic remeasurement of certain assets and liabilities on a recurring or non-recurring basis.
Assets and Liabilities Measured at Fair Value on a Recurring Basis
The table below presents our assets and liabilities measured on our condensed consolidated balance sheets at fair value on a recurring basis subsequent to initial recognition, including instruments where we have elected the fair value option.
Table 13.1 - Assets and Liabilities Measured at Fair Value on a Recurring Basis
September 30, 2024
(In millions)
Level 1Level 2Level 3
Netting Adjustments(1)
Total
Assets:
Investment securities:
Available-for-sale$— $3,669 $588 $— $4,257 
Trading:
Mortgage-related securities— 5,597 3,228 — 8,825 
Non-mortgage-related securities
30,105 426 — — 30,531 
Total trading securities30,105 6,023 3,228 — 39,356 
Total investment securities30,105 9,692 3,816 — 43,613 
Mortgage loans held-for-sale— 7,618 735 — 8,353 
Mortgage loans held-for-investment— 1,446 925 — 2,371 
Other assets:
 Guarantee assets— — 5,289 — 5,289 
 Derivative assets, net— 5,569 38 (5,013)594 
 Other assets— 105 178 — 283 
 Total other assets— 5,674 5,505 (5,013)6,166 
Total assets carried at fair value on a recurring basis$30,105 $24,430 $10,981 ($5,013)$60,503 
Liabilities:
Debt:
Debt of consolidated trusts$— $2,780 $20 $— $2,800 
Debt of Freddie Mac— 236 86 — 322 
Total debt— 3,016 106 — 3,122 
Other liabilities:
Derivative liabilities, net1 6,584 73 (5,722)936 
Other liabilities— — 1 — 1 
Total other liabilities1 6,584 74 (5,722)937 
Total liabilities carried at fair value on a recurring basis$1 $9,600 $180 ($5,722)$4,059 
Referenced footnote is included after the prior period table.
Freddie Mac 3Q 2024 Form 10-Q
84
Financial Statements
                      Notes to the Condensed Consolidated Financial Statements | Note 13

 December 31, 2023
(In millions)Level 1Level 2Level 3
Netting Adjustments(1)
Total
Assets:
Investment securities:
Available-for-sale$— $4,212 $678 $— $4,890 
Trading:
Mortgage-related securities— 5,342 2,771 — 8,113 
Non-mortgage-related securities29,854 418 — — 30,272 
Total trading securities29,854 5,760 2,771 — 38,385 
Total investment securities29,854 9,972 3,449 — 43,275 
Mortgage loans held-for-sale— 6,460 896 — 7,356 
Mortgage loans held-for-investment— 1,333 473 — 1,806 
Other assets:
         Guarantee assets— — 5,351 — 5,351 
         Derivative assets, net — 6,209 2 (5,725)486 
 Other assets— 92 166 — 258 
 Total other assets— 6,301 5,519 (5,725)6,095 
Total assets carried at fair value on a recurring basis$29,854 $24,066 $10,337 ($5,725)$58,532 
Liabilities:
Debt:
Debt of consolidated trusts$— $1,707 $343 $— $2,050 
Debt of Freddie Mac— 336 90 — 426 
Total debt— 2,043 433 — 2,476 
Other liabilities:
Derivative liabilities, net— 8,608 63 (7,798)873 
Other liabilities— — — — — 
Total other liabilities— 8,608 63 (7,798)873 
 Total liabilities carried at fair value on a recurring basis$— $10,651 $496 ($7,798)$3,349 
(1)     Represents counterparty netting and cash collateral netting, and includes accrued interest receivable and payable.
Level 3 Fair Value Measurements
The table below presents a reconciliation of all assets and liabilities measured on our condensed consolidated balance sheets at fair value on a recurring basis using significant unobservable inputs (Level 3), including transfers into and out of Level 3. The table also presents gains and losses due to changes in fair value, including both realized and unrealized gains and losses, recognized on our condensed consolidated statements of income for Level 3 assets and liabilities.

Freddie Mac 3Q 2024 Form 10-Q
85
Financial Statements
                      Notes to the Condensed Consolidated Financial Statements | Note 13

Table 13.2 - Fair Value Measurements of Assets and Liabilities Using Significant Unobservable Inputs
3Q 2024
Balance,
July 1,
2024
Total Realized/Unrealized Gains/Losses(1)
Purchases
Issues
Sales
Settlements,
Net
Transfers
into
Level 3		Transfers
out of
Level 3		Balance,
September 30,
2024
Change in Unrealized Gains/Losses(1) Included in Net Income Related to Assets and Liabilities Still Held as of September 30, 2024(2)
Change in Unrealized Gains/Losses(1), Net of Tax, Included in OCI Related to Assets and Liabilities Still Held as of September 30, 2024
(In millions)
Included in
Earnings
Included in Other
Comprehensive
Income
Assets
Investment securities:
Available-for-sale$603 $— $11 $— $— $— ($26)$— $— $588 $— $9 
Trading3,009 34 — 219 — — (24)— (10)3,228 156 — 
Total investment securities3,612 34 11 219 — — (50)— (10)3,816 156 9 
Mortgage loans held-for-sale627 28 — 356 — (276)— — — 735 18 — 
Mortgage loans held-for-investment776 10 — — — — (22)161 — 925 12 — 
Other assets:
Guarantee assets5,254 110 — — 158 — (233)— — 5,289 110 — 
Other assets203 26 — 6 5 (6)(18)— — 216 22 — 
Total other assets5,457 136 — 6 163 (6)(251)— — 5,505 132 — 
Total assets$10,472 $208 $11 $581 $163 ($282)($323)$161 ($10)$10,981 $318 $9 
Liabilities
Debt$462 $2 $— $— $— $— ($2)$— ($356)$106 $1 $— 
Other liabilities115 (57)— 3 15 — (2)— — 74 (59)— 
Total liabilities$577 ($55)$— $3 $15 $— ($4)$— ($356)$180 ($58)$— 
 YTD 2024
 Balance,
January 1,
2024
Total Realized/Unrealized Gains/Losses(1)
PurchasesIssuesSalesSettlements,
Net		Transfers
into
Level 3		Transfers
out of
Level 3		Balance,
September 30,
2024
Change in Unrealized Gains/Losses(1) Included in Net Income Related to Assets and Liabilities Still Held as of September 30, 2024(2)
Change in Unrealized Gains/Losses(1), Net of Tax, Included in OCI Related to Assets and Liabilities Still Held as of September 30, 2024
(In millions)Included in
Earnings		Included in Other
Comprehensive
Income
 
Assets
Investment securities:
Available-for-sale$678 $— $5 $— $— $— ($95)$— $— $588 $— $4 
Trading2,771 (183)— 714 — — (64)— (10)3,228 185 — 
Total investment securities3,449 (183)5 714 — — (159)— (10)3,816 185 4 
Mortgage loans held-for-sale896 22 — 1,038 — (1,048)(1)35 (207)735 19 — 
Mortgage loans held-for-investment473 (42)— — — — (76)592 (22)925 (41)— 
Other assets:
Guarantee assets5,351 220 — — 405 — (687)— — 5,289 221 — 
Other assets168 58 — (6)9 (13)— — — 216 52 — 
Total other assets5,519 278 — (6)414 (13)(687)— — 5,505 273 — 
Total assets$10,337 $75 $5 $1,746 $414 ($1,061)($923)$627 ($239)$10,981 $436 $4 
Liabilities
Debt$433 $3 $— $— $— $— ($5)$— ($325)$106 $3 $— 
Other liabilities63 (44)— 9 54 — (8)— — 74 (52)— 
Total liabilities$496 ($41)$— $9 $54 $— ($13)$— ($325)$180 ($49)$— 
Freddie Mac 3Q 2024 Form 10-Q
86
Financial Statements
                      Notes to the Condensed Consolidated Financial Statements | Note 13

 3Q 2023
 Balance,
July 1,
2023
Total Realized/Unrealized Gains/Losses(1)
PurchasesIssuesSalesSettlements,
Net		Transfers
into
Level 3		Transfers
out of
Level 3		Balance,
September 30,
2023
Change in Unrealized Gains/Losses(1) Included in Net Income Related to Assets and Liabilities Still Held as of September 30, 2023(2)
Change in Unrealized Gains/Losses(1), Net of Tax, Included in OCI Related to Assets and Liabilities Still Held as of September 30, 2023
(In millions)Included in
Earnings		Included in Other
Comprehensive
Income
 
Assets
Investment securities:
Available-for-sale$790 $— ($15)$— $— $— ($43)$— ($41)$691 $— ($12)
Trading2,561 (141)— 348 — — (16)— — 2,752 20 — 
Total investment securities3,351 (141)(15)348 — — (59)— (41)3,443 20 (12)
Mortgage loans held-for-sale881 (1)— 814 — (723)(13)— — 958 (4)— 
Mortgage loans held-for-investment170 (2)— — — — (5)— (6)157 (12)— 
Other assets:
Guarantee assets5,323 (89)— — 179 — (218)— — 5,195 (89)— 
Other assets159 — — (5)4 (4)(4)— — 150 — — 
Total other assets5,482 (89)— (5)183 (4)(222)— — 5,345 (89)— 
Total assets$9,884 ($233)($15)$1,157 $183 ($727)($299)$— ($47)$9,903 ($85)($12)
Liabilities
Debt$374 $1 $— $— $55 $— $— $— $— $430 $8 $— 
Other liabilities99 47 — — — — (31)— — 115 24 — 
Total liabilities$473 $48 $— $— $55 $— ($31)$— $— $545 $32 $— 
 YTD 2023
 Balance,
January 1,
2023
Total Realized/Unrealized Gains/Losses(1)
PurchasesIssuesSalesSettlements,
Net		Transfers
into
Level 3		Transfers
out of
Level 3		Balance,
September 30,
2023
Change in Unrealized Gains/Losses(1) Included in Net Income Related to Assets and Liabilities Still Held as of September 30, 2023(2)
Change in Unrealized Gains/Losses(1), Net of Tax, Included in OCI Related to Assets and Liabilities Still Held as of September 30, 2023
(In millions)Included in
Earnings		Included in Other
Comprehensive
Income
 
Assets
Investment securities:
Available-for-sale$894 $1 ($23)$— $— $— ($139)$— ($42)$691 $— ($18)
Trading2,731 (470)— 531 — — (40)— — 2,752 30 — 
Total investment securities3,625 (469)(23)531 — — (179)— (42)3,443 30 (18)
Mortgage loans held-for-sale310 (30)— 1,567 — (723)(24)12 (154)958 (4)— 
Mortgage loans held-for-investment110 (13)— — — — (11)142 (71)157 (12)— 
Other assets:— 
Guarantee assets5,442 (82)— — 498 — (663)— — 5,195 (82)— 
Other assets131 55 — (23)7 (4)(16)— — 150 54 — 
Total other assets5,573 (27)— (23)505 (4)(679)— — 5,345 (28)— 
Total assets$9,618 ($539)($23)$2,075 $505 ($727)($893)$154 ($267)$9,903 ($14)($18)
Liabilities
Debt$388 ($18)$— $66 $— $— ($6)$— $— $430 ($1)$— 
Other liabilities97 51 — — — — (33)— — 115 18 — 
Total liabilities$485 $33 $— $66 $— $— ($39)$— $— $545 $17 $— 
(1)For assets, increase and decrease in earnings and other comprehensive income is shown as gains and (losses), respectively. For liabilities, increase and decrease in earnings and comprehensive income is shown as (gains) and losses, respectively.
(2)Represents the amount of total gains or losses for the period, included in earnings, attributable to the change in unrealized gains and losses related to assets and liabilities classified as Level 3 that were still held at September 30, 2024 and September 30, 2023.
Freddie Mac 3Q 2024 Form 10-Q
87
Financial Statements
                      Notes to the Condensed Consolidated Financial Statements | Note 13

The table below provides valuation techniques, the range, and the weighted average of significant unobservable inputs for Level 3 assets and liabilities measured on our condensed consolidated balance sheets at fair value on a recurring basis.
Table 13.3 - Quantitative Information about Recurring Level 3 Fair Value Measurements
September 30, 2024
 
Level 3
Fair
Value
Predominant
Valuation
Technique(s)
Unobservable Inputs
(Dollars in millions, except for certain unobservable inputs as shown)

TypeRange
Weighted
Average(1)
Assets
Investment securities:
   Available-for-sale $444 Median of external sourcesExternal pricing sources
$63.9 - $70.5
$65.2 
144 Other
   Trading2,020 Single external sourceExternal pricing source
$0.0 - $3,894.4
$116.1 
834 Median of external sourcesExternal pricing sources
$14.1 - $15.2
$14.7 
374 Other
Mortgage loans held-for-sale735 Single external sourceExternal pricing source
$59.1 - $110.1
$103.4 
Mortgage loans held-for-investment925 Single external sourceExternal pricing source
$29.1 - $102.7
$84.4 
Guarantee assets4,967  Discounted cash flows OAS
17 - 233 bps
47 bps
322 Other
Insignificant Level 3 assets(2)
216 
Total Level 3 assets$10,981 
Liabilities
Insignificant Level 3 liabilities(2)
180 
Total Level 3 liabilities$180 
 December 31, 2023
 
Level 3
Fair
Value
Predominant
Valuation
Technique(s)
Unobservable Inputs
(Dollars in millions, except for certain unobservable inputs as shown)

Type
Range
Weighted
Average(1)
Assets
Investment securities:
   Available-for-sale$489 Median of external sourcesExternal pricing sources
$61.2 - $71.6
$66.7 

189 
Other
   Trading2,085 
Single external source
External pricing source
$0.0 - $4,471.7
$147.3 
686 Other
Mortgage loans held-for-sale896 Single external sourceExternal pricing source
$59.3 - $110.4
$100.3 
Mortgage loans held-for-investment473 Single external sourceExternal pricing source
$24.7 - $99.2
$74.7 
    Guarantee assets5,014 
 Discounted cash flows
OAS
17 - 233 bps
47 bps
337 
Other
    Insignificant Level 3 assets(2)
168 
Total Level 3 assets$10,337 
Liabilities
Insignificant Level 3 liabilities(2)
496 
Total Level 3 liabilities$496 
(1)     Unobservable inputs were weighted primarily by the relative fair value of the financial instruments.
(2) Represents the aggregate amount of Level 3 assets and liabilities measured at fair value on a recurring basis that are individually and in the aggregate insignificant.



Freddie Mac 3Q 2024 Form 10-Q
88
Financial Statements
                      Notes to the Condensed Consolidated Financial Statements | Note 13

Assets Measured at Fair Value on a Non-Recurring Basis
We may be required, from time to time, to measure certain assets at fair value on a non-recurring basis. These adjustments usually result from the application of lower-of-cost-or-fair-value accounting or measurement of impairment based on the fair value of the underlying collateral. Certain fair values in the tables below were not obtained as of period end, but were obtained during the period.
The table below presents assets measured on our condensed consolidated balance sheets at fair value on a non-recurring basis.
Table 13.4 - Assets Measured at Fair Value on a Non-Recurring Basis
September 30, 2024December 31, 2023
(In millions)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Mortgage loans(1)
$— $246 $950 $1,196 $— $640 $1,578 $2,218 
(1)Includes loans that are classified as held-for-investment and have an allowance for credit losses based on the fair value of the underlying collateral and held-for-sale loans where the fair value is below cost.
The table below provides valuation techniques, the range, and the weighted average of significant unobservable inputs for Level 3 assets measured on our condensed consolidated balance sheets at fair value on a non-recurring basis.
Table 13.5 - Quantitative Information About Non-Recurring Level 3 Fair Value Measurements
September 30, 2024
Level 3
Fair
Value
Predominant
Valuation
Technique(s)
Unobservable Inputs
(Dollars in millions, except for certain unobservable inputs as shown)
TypeRange
Weighted
Average(1)
Mortgage loans$757 Median of external sourcesExternal pricing sources
$78.0 - $102.7
$86.4
193 Other
Total$950 
 December 31, 2023
 
Level 3
Fair
Value
Predominant
Valuation
Technique(s)
Unobservable Inputs
(Dollars in millions, except for certain unobservable inputs as shown)
TypeRange
Weighted
Average(1)
Mortgage loans$1,394 Median of external sourcesExternal pricing sources
$72.9 - $98.8
$82.4
184 Other
Total $1,578 
(1) Unobservable inputs were weighted primarily by the relative fair value of the financial instruments.

Freddie Mac 3Q 2024 Form 10-Q
89
Financial Statements
                      Notes to the Condensed Consolidated Financial Statements | Note 13

Fair Value of Financial Instruments
The table below presents the carrying value and estimated fair value of our financial instruments. For certain types of financial instruments, such as cash and cash equivalents, securities purchased under agreements to resell, and certain debt, the carrying value on our condensed consolidated balance sheets approximates fair value, as these assets and liabilities are short-term in nature and have limited fair value volatility.
Table 13.6 - Fair Value of Financial Instruments
September 30, 2024
GAAP Measurement Category(1)
Carrying  Amount(2)
Fair Value
(In millions)Level 1Level 2Level 3
Netting 
Adjustments(3)
Total
Financial assets
Cash and cash equivalentsAmortized cost$4,857 $4,857 $— $— $— $4,857 
Securities purchased under agreements to resellAmortized cost103,110 — 105,220 — (2,110)103,110 
Investment securities:
Available-for-saleFV - OCI4,257 — 3,669 588 — 4,257 
TradingFV - NI39,356 30,105 6,023 3,228 — 39,356 
 Total investment securities43,613 30,105 9,692 3,816 — 43,613 
Mortgage loans:
Mortgage loans held-for-sale11,678 — 8,719 3,186 — 11,905 
Mortgage loans held-for-investment, net of allowance for credit losses3,140,319 — 2,526,697 307,773 — 2,834,470 
Total mortgage loans
Various(4)
3,151,997 — 2,535,416 310,959 — 2,846,375 
Other assets:
Guarantee assetsFV - NI5,289 — — 5,291 — 5,291 
Derivative assets, netFV - NI594 — 5,569 38 (5,013)594 
Other assets(5)
Various2,804 — 895 2,334 — 3,229 
   Total other assets8,687 — 6,464 7,663 (5,013)9,114 
Total financial assets$3,312,264 $34,962 $2,656,792 $322,438 ($7,123)$3,007,069 
Financial liabilities
Debt:
Debt of consolidated trusts$3,092,140 $— $2,783,068 $390 $— $2,783,458 
Debt of Freddie Mac173,127 — 172,794 3,417 (2,110)174,101 
 Total debt
Various(6)
3,265,267 — 2,955,862 3,807 (2,110)2,957,559 
Other liabilities:
Guarantee obligationsAmortized cost5,116 — 99 6,492 — 6,591 
Derivative liabilities, netFV - NI936 1 6,584 73 (5,722)936 
Other liabilities(5)
FV - NI1 — 339 106 — 445 
 Total other liabilities6,053 1 7,022 6,671 (5,722)7,972 
Total financial liabilities$3,271,320 $1 $2,962,884 $10,478 ($7,832)$2,965,531 
Referenced footnotes are included after the prior period table.
Freddie Mac 3Q 2024 Form 10-Q
90
Financial Statements
                      Notes to the Condensed Consolidated Financial Statements | Note 13

December 31, 2023
 
GAAP Measurement Category(1)
Carrying  Amount(2)
Fair Value
(In millions)Level 1Level 2Level 3
Netting Adjustments(3)
Total
Financial assets
Cash and cash equivalentsAmortized cost$6,019 $6,019 $— $— $— $6,019 
Securities purchased under agreements to resellAmortized cost95,148 — 105,393 — (10,245)95,148 
Investment securities:
Available-for-saleFV - OCI4,890 — 4,212 678 — 4,890 
TradingFV - NI38,385 29,854 5,760 2,771 — 38,385 
Total investment securities43,275 29,854 9,972 3,449 — 43,275 
Mortgage loans:
Mortgage loans held-for-sale12,941 — 9,276 3,868 — 13,144 
Mortgage loans held-for-investment, net of allowance for credit losses3,083,665 — 2,466,127 254,877 — 2,721,004 
Total mortgage loans
Various(4)
3,096,606 — 2,475,403 258,745 — 2,734,148 
Other assets:
Guarantee assetsFV - NI5,351 — — 5,353 — 5,353 
Derivative assets, netFV - NI486 — 6,209 2 (5,725)486 
Other assets(5)
Various2,107 — 946 1,165 — 2,111 
Total other assets7,944 — 7,155 6,520 (5,725)7,950 
Total financial assets$3,248,992 $35,873 $2,597,923 $268,714 ($15,970)$2,886,540 
Financial liabilities
Debt:
Debt of consolidated trusts$3,041,927 $— $2,673,019 $727 $— $2,673,746 
Debt of Freddie Mac166,419 — 173,877 3,391 (10,245)167,023 
Total debt
Various(6)
3,208,346 — 2,846,896 4,118 (10,245)2,840,769 
Other liabilities:
Guarantee obligationsAmortized cost5,451 — 103 6,023 — 6,126 
Derivative liabilities, netFV - NI873 — 8,608 63 (7,798)873 
Other liabilities(5)
FV - NI14 — 465 194 — 659 
Total other liabilities6,338 — 9,176 6,280 (7,798)7,658 
Total financial liabilities$3,214,684 $— $2,856,072 $10,398 ($18,043)$2,848,427 
(1)FV - NI denotes fair value through net income. FV - OCI denotes fair value through other comprehensive income.
(2)Excludes allowance for credit losses on off-balance sheet credit exposure.
(3)Represents counterparty netting and cash collateral netting, and includes accrued interest receivable and payable.
(4)The GAAP carrying amounts measured at amortized cost, lower-of-cost-or-fair-value, and FV - NI were $3.1 trillion, $3.3 billion, and $10.7 billion as of September 30, 2024, respectively, and $3.1 trillion, $5.6 billion and $9.2 billion as of December 31, 2023, respectively.
(5)For other assets, includes advances to lenders, secured lending, and loan commitments. For other liabilities, includes loan commitments.
(6)The GAAP carrying amounts measured at amortized cost and FV - NI were $3.3 trillion and $3.1 billion as of September 30, 2024, respectively, and $3.2 trillion and $2.5 billion as of December 31, 2023, respectively.

Freddie Mac 3Q 2024 Form 10-Q
91
Financial Statements
                      Notes to the Condensed Consolidated Financial Statements | Note 13

Fair Value Option
We elected the fair value option for certain mortgage loans and loan commitments and certain debt issuances.
The table below presents the fair value and UPB related to items for which we have elected the fair value option.
Table 13.7 - Difference Between Fair Value and UPB for Certain Financial Instruments with Fair Value Option Elected(1)
September 30, 2024December 31, 2023
(In millions)Fair valueUPBDifferenceFair valueUPBDifference
Mortgage loans held-for-sale$8,353 $8,003 $350 $7,356 $7,080 $276 
Mortgage loans held-for-investment2,371 2,643 (272)1,806 2,095 (289)
Debt of Freddie Mac155 150 5 240 234 6 
Debt of consolidated trusts2,447 2,526 (79)1,705 1,799 (94)
Other assets (other liabilities)106 N/AN/A95 N/AN/A
(1)    Excludes interest-only securities related to debt of consolidated trusts and debt of Freddie Mac with a fair value of $0.5 billion as of both September 30, 2024 and December 31, 2023.
Changes in Fair Value Under the Fair Value Option Election
The table below presents the changes in fair value related to items for which we have elected the fair value option. These amounts are included in investment gains, net, on our condensed consolidated statements of income.
Table 13.8 - Changes in Fair Value Under the Fair Value Option Election
3Q 20243Q 2023YTD 2024YTD 2023
(In millions)Gains (Losses) Gains (Losses)
Mortgage loans held-for-sale$267 ($256)$87 ($379)
Mortgage loans held-for-investment53 (20)(4)(24)
Debt of Freddie Mac13 (6)18 13 
Debt of consolidated trusts(6)35 — 35 
Other assets/other liabilities230 (7)472 47 
Changes in fair value attributable to instrument-specific credit risk were not material for the periods presented for assets or liabilities for which we elected the fair value option.

Freddie Mac 3Q 2024 Form 10-Q
92
Financial Statements
                      Notes to the Condensed Consolidated Financial Statements | Note 14

NOTE 14
Legal Contingencies
We are involved, directly or indirectly, in a variety of legal and regulatory proceedings arising from time to time in the ordinary course of business (including, among other things, contractual disputes, personal injury claims, employment-related litigation, and other legal proceedings incidental to our business) and in connection with the conservatorship and Purchase Agreement. We are frequently involved, directly or indirectly, in litigation involving mortgage foreclosures. From time to time, we are also involved in proceedings arising from our termination of a seller's or servicer's eligibility to sell loans to, and/or service loans for, us. In these cases, the former seller or servicer sometimes seeks damages against us for wrongful termination under a variety of legal theories. In addition, we are sometimes sued in connection with the origination or servicing of loans. These suits typically involve claims alleging wrongful actions of sellers and servicers. Our contracts with our sellers and servicers generally provide for indemnification of Freddie Mac against liability arising from sellers' and servicers' wrongful actions with respect to loans sold to or serviced for Freddie Mac.
Litigation claims and proceedings of all types are subject to many uncertainties (including appeals and procedural filings), and there can be no assurance as to the ultimate outcome of those actions (including the matters described below). In accordance with the accounting guidance for contingencies, we reserve for litigation claims and assessments asserted or threatened against us when a loss is probable (as defined in such guidance) and the amount of the loss can be reasonably estimated. The actual costs of resolving legal actions may be substantially higher or lower than the amounts accrued for those actions.
It is not possible for us to predict the actions the U.S. government (including Treasury and FHFA) might take in connection with any of these lawsuits or any future lawsuits. However, it is possible that we could be adversely affected by these actions, including, for example, by changes to the Purchase Agreement, or any resulting actual or perceived changes in the level of U.S. government support for our business.
Putative Securities Class Action Lawsuit: Ohio Public Employees Retirement System vs. Freddie Mac, Syron, Et Al.
This putative securities class action lawsuit was filed against Freddie Mac and certain former officers on January 18, 2008 in the U.S. District Court for the Northern District of Ohio purportedly on behalf of a class of purchasers of Freddie Mac stock from August 1, 2006 through November 20, 2007. FHFA later intervened as Conservator, and the plaintiff amended its complaint on several occasions. The plaintiff alleged, among other things, that the defendants violated federal securities laws by making false and misleading statements concerning our business, risk management, and the procedures we put into place to protect the company from problems in the mortgage industry. The plaintiff seeks unspecified damages and interest, and reasonable costs and expenses, including attorney and expert fees.
In August 2018, the District Court denied the plaintiff's motion for class certification. On April 6, 2023, the Sixth Circuit reversed the District Court's September 17, 2020 decision to grant the plaintiff's request for summary judgment and enter final judgment in favor of Freddie Mac and other defendants. The Sixth Circuit remanded the case to the District Court for further proceedings. On May 3, 2024, defendants filed motions for summary judgment. The trial in the District Court is scheduled to begin on October 6, 2025.
Litigation Concerning the Purchase Agreement in the U.S. District Court for the District of Columbia
In re Fannie Mae/Freddie Mac Senior Preferred Stock Purchase Agreement Class Action Litigations. This is a consolidated class action lawsuit filed by private individual and institutional investors (collectively, "Class Plaintiffs") against FHFA, Fannie Mae, and Freddie Mac.
Fairholme Funds, Inc., et al. v. FHFA, et al. This is an individual plaintiffs’ lawsuit by certain institutional investors (“Individual Plaintiffs”) against FHFA, Fannie Mae, and Freddie Mac.
The Class Plaintiffs and Individual Plaintiffs (collectively "Plaintiffs") in the District of Columbia lawsuits filed an amended complaint on November 1, 2017 alleging claims for breach of contract, breach of the implied covenant of good faith and fair dealing, breach of fiduciary duties, and violation of Delaware and Virginia corporate law. Additionally, the Class Plaintiffs brought derivative claims against FHFA for breach of fiduciary duties and the Individual Plaintiffs brought claims under the Administrative Procedure Act. Both sets of claims are generally based on allegations that the net worth sweep dividend provisions of the senior preferred stock that were implemented pursuant to the August 2012 amendments nullified certain of the shareholders’ rights, including the rights to receive dividends and a liquidation preference. On September 28, 2018, the District
Freddie Mac 3Q 2024 Form 10-Q
93
Financial Statements
                      Notes to the Condensed Consolidated Financial Statements | Note 14

Court dismissed all of the claims except those for breach of the implied covenant of good faith and fair dealing. The cases were consolidated for trial.
Court rulings limited the Plaintiffs’ damages theories to those based on the decline in Freddie Mac’s and Fannie Mae’s share value immediately after the Third Amendment. The Plaintiffs asserted losses based on the decline in value of Freddie Mac’s common and junior preferred stock from August 16 to August 17, 2012. During the trial in October and early November 2022, the Plaintiffs requested that the jury award $832 million plus pre-judgment interest as damages against Freddie Mac. The jury in that trial was not able to reach a unanimous verdict and on November 7, 2022 the judge declared a mistrial. The retrial started on July 24, 2023. On August 14, 2023, the jury returned a verdict against FHFA, Fannie Mae, and Freddie Mac awarding compensatory damages of $282 million to Freddie Mac junior preferred shareholders and $31 million to Freddie Mac common shareholders. The jury declined to award the Freddie Mac shareholders prejudgment interest. In 3Q 2023, we recorded a $313 million accrual in other expense on our condensed consolidated statements of income for the adverse judgment. On March 20, 2024, the District Court entered final judgment. On April 17, 2024, the defendants filed a motion requesting entry of judgment in their favor notwithstanding the jury verdict, which has been fully briefed.
Freddie Mac 3Q 2024 Form 10-Q
94
Financial Statements
                      Notes to the Condensed Consolidated Financial Statements | Note 15

NOTE 15
Regulatory Capital
ERCF
The table below presents our capital metrics under the ERCF.
Table 15.1 - ERCF Available Capital and Capital Requirements
(In billions)September 30, 2024December 31, 2023
Adjusted total assets$3,772 $3,775 
Risk-weighted assets (standardized approach)1,046 1,009 
September 30, 2024
AmountsRatios
(Dollars in billions)Available Capital (Deficit)Minimum
Capital
Requirement
Capital
Requirement
(Including Buffer(1))
Available Capital (Deficit) Ratio(2)
Minimum Capital Requirement Ratio(2)
Capital
Requirement Ratio(2)
(Including Buffer(1))
Risk-based capital:
Total capital($9)$84 $84 (0.9)%8.0 %8.0 %
CET1 capital(35)47 104 (3.4)4.5 9.9 
Tier 1 capital(21)63 120 (2.0)6.0 11.4 
Adjusted total capital(21)84 141 (2.0)8.0 13.4 
Leverage capital:
Core capital(16)94 94 (0.4)2.5 2.5 
Tier 1 capital(21)94 108 (0.6)2.5 2.9 
December 31, 2023
AmountsRatios
(Dollars in billions)Available Capital (Deficit)Minimum
Capital
Requirement
Capital
Requirement
(Including Buffer(1))
Available Capital (Deficit) Ratio(2)
Minimum Capital Requirement Ratio(2)
Capital
Requirement Ratio(2)
(Including Buffer(1))
Risk-based capital:
Total capital ($18)$81 $81 (1.8)%8.0 %8.0 %
CET1 capital(43)45 96 (4.3)4.5 9.5 
Tier 1 capital(29)60 111 (2.9)6.0 11.0 
Adjusted total capital(29)81 132 (2.9)8.0 13.0 
Leverage capital:
Core capital (25)95 95 (0.7)2.5 2.5 
Tier 1 capital(29)95 106 (0.8)2.5 2.8 
(1)PCCBA for risk-based capital and PLBA for leverage capital.
(2)As a percentage of RWA for risk-based capital and ATA for leverage capital.

END OF CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AND ACCOMPANYING NOTES
Freddie Mac 3Q 2024 Form 10-Q
95
Other Information
Other Information
LEGAL PROCEEDINGS
We are involved, directly or indirectly, in a variety of legal proceedings arising from time to time in the ordinary course of business and in connection with the conservatorship and Purchase Agreement. See Note 14 for additional information regarding our involvement as a party to various legal proceedings, including those in connection with the conservatorship and Purchase Agreement.
Over the last several years, numerous lawsuits have been filed against the U.S. government and, in some cases, the Secretary of the Treasury and the Director of FHFA, challenging certain government actions related to the conservatorship (including actions taken in connection with the imposition of conservatorship) and the Purchase Agreement. Freddie Mac is not a party to all of these lawsuits. Several of the lawsuits seek to invalidate the net worth sweep dividend provisions of the senior preferred stock, which were implemented pursuant to the August 2012 amendment to the Purchase Agreement. Some of these cases also have challenged the constitutionality of the structure of FHFA. A number of cases have been dismissed (some of which have been appealed), and others remain pending.
These cases include one that was filed in the U.S. Court of Federal Claims as a derivative lawsuit, purportedly on behalf of Freddie Mac as a “nominal” defendant: Reid and Fisher vs. the United States of America and Federal Home Loan Mortgage Corporation. This case was filed on February 26, 2014. The complaint alleges, among other items, that the net worth sweep dividend provisions of the senior preferred stock constitute an unlawful taking of private property for public use without just compensation. The plaintiffs ask that Freddie Mac be awarded just compensation for the U.S. government's alleged taking of its property, attorneys' fees, costs, and other expenses. The Court dismissed the case with prejudice on September 1, 2023 and entered judgment for the defendants. On October 31, 2023, the plaintiffs filed a notice of appeal to the Federal Circuit.
Pursuant to the Purchase Agreement, in addition to satisfying other conditions, all currently pending material litigation related to our conservatorship and/or the Purchase Agreement must be resolved or settled and we must indemnify Treasury and the United States from and against any loss, cost, or damage of any kind arising out of our placement into conservatorship or the August 2012 amendment to the Purchase Agreement in order to exit from conservatorship.
RISK FACTORS
This Form 10-Q should be read together with the Risk Factors section in our 2023 Annual Report, which describes various risks and uncertainties to which we are or may become subject. These risks and uncertainties could, directly or indirectly, adversely affect our business, financial condition, results of operations, cash flows, strategies, and/or prospects.
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
Recent Sales of Unregistered Securities
The securities we issue are "exempted securities" under the Securities Act of 1933, as amended. As a result, we do not file registration statements with the SEC with respect to offerings of our securities.
Following our entry into conservatorship, we suspended the operation of, and ceased making grants under, equity compensation plans. Previously, we had provided equity compensation under those plans to employees and members of the Board of Directors. Under the Purchase Agreement, we cannot issue any new options, rights to purchase, participations, or other equity interests without Treasury's prior approval.
Information About Certain Securities Issuances by Freddie Mac
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 an internet site (www.sec.gov) that contains reports, proxy and information statements, and other information regarding companies that file electronically with the SEC.
We provide information on the ERCF on our website at www.freddiemac.com/investors.
Freddie Mac 3Q 2024 Form 10-Q
96
Other Information
We provide disclosure about our debt securities on our website at www.freddiemac.com/debt. From this address, investors can access the offering circular and related supplements for debt securities offerings under Freddie Mac's global debt facility, including pricing supplements for individual issuances of debt securities. Similar information about our STACR transactions and SCR transactions is available at crt.freddiemac.com 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 and SB 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, transactions 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 activities, which can be found at sf.freddiemac.com, mf.freddiemac.com, and capitalmarkets.freddiemac.com/capital-markets.
We provide information on our sustainability efforts on our website at freddiemac.com/about/sustainability.
OTHER INFORMATION
Insider Trading Arrangements and Policies
No executive officer or director adopted or terminated any contract, instruction, or written plan for the purchase or sale of, or any other such trading arrangement for, our securities during 3Q 2024. For additional information on executive officer and director compensation and security ownership by our executive officers and directors, see Directors, Corporate Governance, and Executive Officers, Executive Compensation, and Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters in our 2023 Annual Report.
EXHIBITS
The exhibits are listed in the Exhibit Index of this Form 10-Q.
Freddie Mac 3Q 2024 Form 10-Q
97
Controls and Procedures

Controls and Procedures
EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES
Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that the information we are required to disclose in reports that we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified by the SEC's rules and forms and that such information is accumulated and communicated to management of the company, including the company's CEO and Interim CFO, as appropriate, to allow timely decisions regarding required disclosure. In designing our disclosure controls and procedures, we recognize that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and we must apply judgment in implementing possible controls and procedures.
Management, including the company's CEO and Interim CFO, conducted an evaluation of the effectiveness of our disclosure controls and procedures as of September 30, 2024. As a result of management's evaluation, our CEO and Interim CFO concluded that our disclosure controls and procedures were not effective as of September 30, 2024, at a reasonable level of assurance, because we have not been able to update our disclosure controls and procedures to provide reasonable assurance that information known by FHFA on an ongoing basis is communicated from FHFA to Freddie Mac's management in a manner that allows for timely decisions regarding our required disclosure under the federal securities laws. We consider this situation to be a material weakness in our internal control over financial reporting.
CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING DURING 3Q 2024
We evaluated the changes in our internal control over financial reporting that occurred during 3Q 2024 and concluded that there were no changes that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
MITIGATING ACTIONS RELATED TO THE MATERIAL WEAKNESS IN INTERNAL CONTROL OVER FINANCIAL REPORTING
As described above under Evaluation of Disclosure Controls and Procedures, we have one material weakness in internal control over financial reporting as of September 30, 2024 that we have not remediated.
Given the structural nature of this material weakness, we believe it is likely that we will not remediate it while we are under conservatorship. However, both we and FHFA have continued to engage in activities and employ procedures and practices intended to permit accumulation and communication to management of information needed to meet our disclosure obligations under the federal securities laws. These include the following:
n    FHFA has established the Division of Conservatorship Oversight and Readiness, which is intended to facilitate operation of the company with the oversight of the Conservator.
n    We provide drafts of our SEC filings to FHFA personnel for their review and comment prior to filing. We also provide drafts of certain external press releases and statements to FHFA personnel for their review and comment prior to release.
n    FHFA personnel, including senior officials, review our SEC filings prior to filing, including this Form 10-Q, and engage in discussions with us regarding issues associated with the information contained in those filings. Prior to filing this Form 10-Q, FHFA provided us with a written acknowledgment that it had reviewed the Form 10-Q, was not aware of any material misstatements or omissions in the Form 10-Q, and had no objection to our filing the Form 10-Q.
n    Our senior management meets regularly with senior leadership at FHFA, including, but not limited to, the Director.
n    FHFA representatives attend meetings frequently with various groups within the company to enhance the flow of information and to provide oversight on a variety of matters, including accounting, credit and capital markets management, external communications, and legal matters.
n    Senior officials within FHFA's accounting group meet frequently with our senior financial executives regarding our accounting policies, practices, and procedures.
Although we and FHFA have attempted to design and implement disclosure policies and procedures to account for the conservatorship and accomplish the same objectives as disclosure controls and procedures for a typical reporting company, there are inherent structural limitations on our ability to design, implement, test, or operate effective disclosure controls and procedures under the circumstances of conservatorship. Despite our material weakness, we believe that our condensed consolidated financial statements for 3Q 2024 have been prepared in conformity with GAAP.
Freddie Mac 3Q 2024 Form 10-Q
98
Exhibit Index

Exhibit Index
ExhibitDescription*
10.1
10.2
31.1
31.2
32.1
32.2
101.INSXBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCHXBRL Taxonomy Extension Schema
101. CALXBRL Taxonomy Extension Calculation
101.DEFXBRL Taxonomy Extension Definition
101.LABXBRL Taxonomy Label
101. PREXBRL Taxonomy Extension Presentation
104Cover Page Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
*
The SEC file numbers for the Registrant's Registration Statement on Form 10, Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K are 000-53330 and 001-34139.

Freddie Mac 3Q 2024 Form 10-Q
99
Signatures

Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
Federal Home Loan Mortgage Corporation
By: /s/ Diana W. Reid
 Diana W. Reid
Chief Executive Officer
 (Principal Executive Officer)
Date: October 30, 2024
 
By: /s/ James Whitlinger
 James Whitlinger
 Interim Chief Financial Officer
 (Principal Financial Officer)
Date: October 30, 2024
 


Freddie Mac 3Q 2024 Form 10-Q
100
Form 10-Q Index


Form 10-Q Index
Item NumberPage(s)
PART IFINANCIAL INFORMATION
Item 1.Financial Statements
47 - 95
Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations
1 - 46
Item 3.Quantitative and Qualitative Disclosures About Market Risk
31 - 33
Item 4.Controls and Procedures
98
PART IIOTHER INFORMATION
Item 1.Legal Proceedings
96
Item 1A.Risk Factors
96
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
96 - 97
Item 5.Other Information
97
Item 6.Exhibits
97
Exhibit Index
99
Signatures
100

Freddie Mac 3Q 2024 Form 10-Q
101

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