Freddie Mac (FMCC) investor relations material

Executive summary

• Net income reached $3.6 billion in Q1 2026, up 27% year-over-year, driven by higher net revenues and a credit reserve release compared to a build in Q1 2025.

• Net worth increased to $74 billion as of March 31, 2026, up from $62.4 billion a year earlier.

• Provided $116 billion in liquidity, supporting 380,000 home purchases, refinancings, and rental units, with a focus on affordability and first-time homebuyers.

• Majority of financed homes were affordable to families earning ≤120% of area median income.

Financial highlights

• Net revenues grew 5% year-over-year to $6.1 billion, driven by a 10% increase in net interest income to $5.6 billion.

• Non-interest income declined 31% year-over-year to $514 million, mainly due to lower guarantee income, investment gains, and loan sale activity.

• Recorded a $320 million benefit for credit reserves, compared to a $280 million provision expense last year, reflecting improved house price forecasts.

• Non-interest expense fell 3% year-over-year to $2 billion, mainly due to lower salaries and credit enhancement expenses.

Outlook and guidance

• Forecasts house price growth of 2.3% over the next 12 months, with management expecting continued moderate mortgage portfolio growth and ongoing support for housing market liquidity.

• Regulatory and policy developments, including potential changes to conservatorship status, remain uncertain.