Federal Home Loan Mortgage (FMCC) investor relations material

Executive summary

• Net income for Q2 2025 was $2.4 billion, down 14% year-over-year, mainly due to higher provision for credit losses.

• Net worth rose to $65 billion as of June 30, 2025, a 22% increase year-over-year.

• Provided over $100 billion in liquidity, supporting more than 360,000 families, with 53% of single-family loans and 95% of rental units affordable to low- and moderate-income households.

• First-time homebuyers accounted for 53% of new single-family purchase loans.

• Mortgage portfolio reached $3.6 trillion.

Financial highlights

• Net revenues were $5.9 billion, down 1% year-over-year, as lower non-interest income offset higher net interest income.

• Net interest income rose 8% year-over-year to $5.3 billion, driven by portfolio growth and lower funding costs.

• Non-interest income fell 42% year-over-year to $617 million, mainly due to lower investment gains in multifamily.

• Provision for credit losses increased to $783 million, nearly doubling year-over-year, driven by lower house price forecasts.

• Net worth increased by $2.4 billion during the quarter.

Outlook and guidance

• House price forecast revised downward: 1.3% increase expected over next 12 months, down from 4.2% previously.

• Management expects continued focus on efficiency, productivity, and safe portfolio growth.

• Future results remain uncertain due to ongoing conservatorship, regulatory, and policy changes.