EX-99.1 2 a20243qerexhibit991.htm EX-99.1 Document
cc_ptx17691xheader-releasea.jpg
附录99.1
Freddie Mac报告2024年第三季度净利润31亿美元
在2024年第三季度，为41.5万户家庭实现居家梦想。
•提供了28.4万笔按揭贷款，其中51%的符合资格贷款适用于低至中等收入家庭。
•首次购房者占新单房家屋贷款的51%。
•提供资金支持13.1万套出租单位，其中94%的符合条件的单位负担得起，适合低至中等收入家庭。
2024年第三季度财务结果
市场提供流动性 -
$1130亿
住宅和租赁单位融资 -
415,000

资产净值 -
$560亿

总抵押金融
投资组合 -
$3.5兆

合并
•净利润为31亿美元，同比增加4亿美元，主要由于非利息支出减少，因为前一年期间包括了3亿美元的额外费用发生。
•净收入为58亿美元，同比增加3％，主要由于净利息收入增加。
•信贷损失益为0.2亿美元，主要由於单一家庭和多家庭的信贷储备释出。
•新业务活动为980亿美元，较2023年第三季度的850亿美元增加，由于低按揭利率，房屋购买和再融资成交量均有所增长。
•按揭组合为3.1兆美元，同比增加2％。
•严重逾期率为0.54%，较2024年6月30日的0.50%上升，较2023年9月30日的0.55%下降。
•完成了约18,000笔贷款处理。
•62%的抵押贷款组合由信用增强措施覆盖。
•新业务活动达到150亿美元，较2023年第三季度的130亿美元增加，主要受低抵押贷款利率推动。
•抵押贷款组合达4520亿美元，年增5%。
•逾期率为0.39%，较2024年6月30日的0.38%以及2023年9月30日的0.24%增加。
•93%的抵押贷款组合由信用增强措施覆盖。
「房地美再度交出强劲的一季，实现净利润31亿美元，将公司的净值增加至560亿美元。公司帮助了41.5万个家庭购房、转按换房或租房，其中包括11万名首次购房者。我们扩大对租户的支持，包括设立新的租金宽限期。我们还为受最近飓风影响的房主提供救援，为租户提供资源。」

「作为房地美的新任首席执行官，我有幸带领一个优秀的团队取得这样的成果，让数百万家庭在全国找到有家之所。」

Diana W. Reid
首席执行官
营收
$58亿
净利润
$31亿
综合的
收入
$32亿
独立住宅
净收入
51亿美元
净利润
26亿美元
综合
收入
26亿美元
多居家
净收入
$8亿
净利润
$5亿
综合
收入。
$6亿

Freddie Mac 2024年第三季度财务结果
2024年10月30日
第2页


McLean, VA — 费迪戴麦克（OTCQB: FMCC）今天报告2024年第三季度的净利润为31亿美元，同比增加42000万美元，主要受非利息支出下降的推动，因为前一年同期包括31300万美元的额外费用计提。
2024年第三季度净收入为58亿美元，同比增长3%，主要受高净利息收入的推动。2024年第三季度净利息收入为50亿美元，同比增长5％，主要受与避险会计关系的债务相关费用较低的影响。2024年第三季度非利息收入为8亿美元，较2023年第三季度的9亿美元下降。
2024年第三季度的信用亏损补益为20亿美元，主要受到单一家庭贷款利率下降而释出信用准备金的影响，以及多家庭由于信用损失估算流程的改善而释出信用准备金。2023年第三季度的信用亏损补益主要是由於单一家庭的信用储备金释放，因为房价改善。
2024年第三季的非利息支出为22亿美元，比上年同期下降39300万美元，因为前一年期间包含为一项不利判决事项计提的31300万美元支出。
综合损益及综合收益汇总表摘要
（以百万美元计）
3Q 20242Q 2024变化3Q 2023变化
净利息收益$4,999$4,928$71$4,749$250
非利息收入8391,060(221)941(102)
净收入5,8385,988(150)5,690 148
(信贷损失提列) 有利于信贷损失191(394)585263 (72)
每股获利-基本(2,183)(2,134)(49)(2,576)393
税前收入3,8463,4603863,377 469
所得税支出(741)(695)(46)(692)(49)
净利润3,1052,7653402,685420
其他综合收益（损失），税后和重分类调整后62(5)6719 43
综合收益$3,167$2,760$407$2,704$463
受监护度量指标（以百万计）
净值$56,390$53,223$3,167$44,661$11,729
高级优先股清算优先权125,871123,1112,760114,60511,266
剩余的国库资金承诺140,162140,162—140,162—
向国库支付的累计股息119,680119,680—119,680—
向国库取款的累计金额71,64871,648—71,648—



Freddie Mac 2024年第三季度财务结果
2024年10月30日
第三页


单一家庭分部
财务结果
净收入
（以十亿计）
chart-8c0bd3bc6d954cc58f4a.jpg
净利润
（以十亿计）
chart-8273cffce4a44d11bcfa.jpg
综合收益
（以十亿计）
chart-bd5f48abe23b40e48bba.jpg

（以百万美元计）3Q 20242Q 2024变化3Q 2023变化
净利息收益$4,692$4,635$57$4,534$158
非利息收入364459(95)393(29)
净收入5,0565,094(38)4,927129
（按照)信用损失之利益99(315)414304(205)
每股获利-基本(1,966)(1,921)(45)(2,310)344
税前收入3,1892,8583312,921268
所得税支出(616)(574)(42)(598)(18)
净利润2,5732,2842892,323250
其他综合收益（损失），扣除税项和再分类调整后10(5)15(6)16 
综合收益$2,583$2,279$304$2,317$266
2024年第三季度
净利润为26亿美元，同比增长11%。
•净营收为51亿美元，同比增长3%。净利息收入为47亿美元，同比增长3%，主要受到与避险会计关系中债务相关费用降低的推动。
•2024年第三季度的信贷损失利益为1亿美元，主要是由于低抵押利率导致信贷储备释出。2023年第3季的信贷损失利益主要是由于住房价格改善导致信贷储备释出。
•非利息支出为20亿美元，较去年同期减少3,4400万美元，因为前一年的期间包括2,5000万美元的分配，用于对庭审不利判决的3,1300万美元应计数。

Freddie Mac 2024年第三季度财务结果
2024年10月30日
第4页


单一家庭分部
业务成果
新业务活动
(以十亿计)
chart-c54777f391704a6489aa.jpg



抵押贷款组合
(以十亿计)
chart-0a1577e7428f4c1ab13a.jpg




严重迟延率
chart-0c42b5fa72b2421b98ca.jpg
3Q 20242Q 2024变化3Q 2023变化
新业务统计：
单独家庭资助（以千计为单位）284 257 2727113
购房借款人（以千计为单位）235 212 232332
转按借款人（以千计为单位）49 45 43811
适用于低至中等收入家庭的负担能力（%）(1)
51 53 (2)56 (5)
首次购房者（%）(2)
51 53 (2)50 1 
平均估计担保费率（bps）57 54 3552
加权平均原始贷款价值（LTV）（%）77 78 (1)78 (1)
加权平均原始信用评分755 754 17532
由新CRt发行所覆盖的UPb（以十亿为单位） $44$43$1$8$36
投资组合统计
平均估计担保费率（bps） 4949—481
加权平均当前LTV（%）52 52 — 53 (1)
加权平均当前信用评分755755—756(1)
贷款数目（以百万计）13.813.8—13.70.1
与信贷相关的统计：
贷款处理活动（以千为单位）1818—18—
备抵信贷损失占总贷款余额的比率（%）(3)
0.21 0.21 — 0.22 (0.01)
信贷增值覆盖率（%）62 62 — 62 — 
(1) Eligible loans acquired affordable to families earning at or below 120% of area median income (AMI).
(2) Calculated as a percentage of purchase borrowers with loans secured by primary residences.
(3) Calculated as the allowance for credit losses on mortgage loans held-for-investment divided by the amortized cost basis of mortgage loans held-for-investment for which the fair value option has not been elected.
Business Highlights
•New business activity of $98 billion, up from $85 billion in the third quarter of 2023, as both home purchase and refinance volume increased due to lower mortgage interest rates. Financed 284,000 mortgages and enabled 110,000 first-time homebuyers to purchase a home.
•Credit enhancement coverage of the Single-Family mortgage portfolio remained at 62%, unchanged from September 30, 2023.

Freddie Mac Third Quarter 2024 Financial Results
October 30, 2024
Page 5



Multifamily Segment
Financial Results

Net Revenues
(In billions)
chart-be8fdfabfe664d0fa06a.jpg





Net Income
(In billions)chart-872cd6cea62e4063b00a.jpg



Comprehensive Income
(In billions)
chart-68fd08d2c10242eaa39a.jpg

(Dollars in millions)
3Q 20242Q 2024Change3Q 2023Change
Net interest income$307$293$14$215$92
Non-interest income475601(126)548(73)
Net revenues782894(112)763 19
(Provision) benefit for credit losses92(79)171(41)133
Non-interest expense(217)(213)(4)(266)49
Income before income tax expense65760255456 201
Income tax expense(125)(121)(4)(94)(31)
Net income53248151362 170
Other comprehensive income (loss), net of taxes and reclassification adjustments52—5225 27
Comprehensive income$584$481$103$387$197
Third Quarter 2024
Net income of $0.5 billion, up 47% year-over-year.
•Net revenues were $0.8 billion for the third quarter of 2024, up 2% year-over-year, driven by higher net interest income, partially offset by lower non-interest income.
•Benefit for credit losses was $92 million for the third quarter of 2024, primarily driven by a credit reserve release due to enhancements in the 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.




Freddie Mac Third Quarter 2024 Financial Results
October 30, 2024
Page 6


Multifamily Segment
Business Results
New Business Activity
(UPB in billions)
chart-a1acc9b2e8074a2eb45a.jpg
Mortgage Portfolio        
(UPB in billions)
chart-0409098ca92942d0ae9a.jpg
Delinquency Rate
chart-8d9768d57ea145199a0a.jpg


3Q 20242Q 2024Change3Q 2023Change
New Business Statistics:
Number of rental units financed (in thousands)(1)
131923911813
Affordable to low-income families (%)(2)
68 65 3 66 2 
Affordable to low- to moderate-income families (%)(3)
94 93 1 90 4 
Weighted average original LTV (%)63 61 2 603 
Weighted average original debt service coverage ratio(4)
1.281.28—1.260.02
UPB covered by new CRT issuance (in billions)$7$14($7)$17($10)
Portfolio Statistics:
Average guarantee fee rate charged (bps) 49481463
Credit-Related Statistics:
Allowance for credit losses to total loans outstanding (%)(5)
0.49 0.61 (0.12)0.54 (0.05)
Credit enhancement coverage (%)93 95 (2)95 (2)
(1) Includes rental units financed by supplemental loans.
(2) Eligible units that are acquired affordable to families earning at or below 80% of AMI.
(3) Eligible units that are acquired affordable to families earning at or below 120% of AMI.
(4) Assumes monthly payments that reflect amortization of principal.
(5) Calculated as the allowance for credit losses on mortgage loans held-for-investment divided by the amortized cost basis of mortgage loans held-for-investment for which the fair value option has not been elected.
Business Highlights
•New business activity increased by 15% year-over-year, primarily driven by lower mortgage interest rates.
•The company provided financing for 131,000 multifamily rental units. 68% of the eligible multifamily rental units financed were affordable to low-income families.
•The Multifamily delinquency rate increased to 0.39% at September 30, 2024, from 0.24% at September 30, 2023, 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 had credit enhancement coverage.


Freddie Mac Third Quarter 2024 Financial Results
October 30, 2024
Page 7


About Freddie Mac’s Conservatorship
Since September 2008, Freddie Mac has been operating under conservatorship with FHFA as Conservator. The support provided by Treasury pursuant to the Purchase Agreement enables the company to maintain access to the debt markets and have adequate liquidity to conduct its normal business operations. The amount of funding available to Freddie Mac under the Purchase Agreement was $140.2 billion at September 30, 2024.
Pursuant to the Purchase Agreement, Freddie Mac will not be required to pay a dividend to Treasury on the senior preferred stock until it has built sufficient capital to meet the capital requirements and buffers set forth in the Enterprise Regulatory Capital Framework. As a result, the company was not required to pay a dividend to Treasury on the senior preferred stock in September 2024. As the company builds capital during this period, the quarterly increases in its Net Worth Amount have been, or will be, added to the aggregate liquidation preference of the senior preferred stock. The liquidation preference of the senior preferred stock increased to $125.9 billion on September 30, 2024 based on the increase in the Net Worth Amount during the second quarter of 2024, and will increase to $129.0 billion on December 31, 2024 based on the increase in the Net Worth Amount during the third quarter of 2024.
Additional Information
For more information, including information related to Freddie Mac’s financial results, conservatorship, and related matters, see the company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 and the company’s Third Quarter 2024 Financial Results Supplement. These documents are available on the Investor Relations page of the company’s website at www.FreddieMac.com.
Additional information about Freddie Mac and its business is also set forth in the company’s other filings with the SEC, which are available on the Investor Relations page of the company’s website at www.FreddieMac.com and the SEC’s website at www.sec.gov. Freddie Mac encourages all investors and interested members of the public to review these materials for a more complete understanding of the company’s financial results and related disclosures.
Webcast Announcement
Management will host a conference call at 9 a.m. Eastern Time on October 30, 2024 to share the company’s results with the media. The conference call will be concurrently webcast. To access the audio webcast, use the following link: https://edge.media-server.com/mmc/p/3z2upcv9/. The replay will be available on the company’s website at www.FreddieMac.com for approximately 30 days. All materials related to the call will be available on the Investor Relations page of the company’s website at www.FreddieMac.com.
Media Contact: Frederick Solomon (703) 903-3861Investor Contact: Mahesh Lal (571) 382-4732  
*    *    *    *
This press release contains forward-looking statements, which may include statements pertaining to the conservatorship, the company’s current expectations and objectives for its Single-Family and Multifamily segments, its efforts to assist the housing market, liquidity and capital management, economic and market conditions and trends including, but not limited to, changes in observed and forecasted house price appreciation, its market share, the effect of legislative and regulatory developments and new accounting guidance, the credit quality of loans the company owns or guarantees, the costs and benefits of the company’s CRT transactions, the impact of banking crises or failures, the effects of natural disasters, other catastrophic events, and significant climate change effects and actions taken in response thereto on its business, results of operations, and financial condition. Forward-looking statements involve known and unknown risks and uncertainties, some of which are beyond the company’s control. Management’s expectations for the company’s future necessarily involve a number of assumptions, judgments, and estimates, and various factors, including changes in economic and market conditions, liquidity, mortgage spreads, credit outlook, actions by the U.S. government (including FHFA, Treasury, and Congress) and state and local governments, changes in the fiscal and monetary policies of the Federal Reserve, the impact of any downgrade in our credit ratings or those of the U.S. government, and the impacts of legislation or regulations and new or amended accounting guidance, that could cause actual results to differ materially from these expectations. These assumptions, judgments, estimates, and factors are discussed in the company’s Annual Report on Form 10-K for the year ended December 31, 2023, Quarterly Reports on Form 10-Q

Freddie Mac Third Quarter 2024 Financial Results
October 30, 2024
Page 8


for the quarters ended March 31, 2024, June 30, 2024, and September 30, 2024, and Current Reports on Form 8-K, which are available on the Investor Relations page of the company’s website at www.FreddieMac.com and the SEC’s website at www.sec.gov. The company undertakes no obligation to update forward-looking statements it makes to reflect events or circumstances occurring after the date of this press release.
Freddie Mac's mission is to make home possible for families across the nation. Freddie Mac promotes liquidity, stability, affordability and equity in the housing market throughout all economic cycles. Since 1970, Freddie Mac has helped tens of millions of families buy, rent or keep their home.


Freddie Mac Third Quarter 2024 Financial Results
October 30, 2024
Page 9


FREDDIE MAC
Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited)
(In millions, except share-related amounts)
3Q 20242Q 20243Q 2023
Net interest income
Interest income$29,809$29,064$26,799
Interest expense(24,810)(24,136)(22,050)
Net interest income4,999 4,928 4,749 
Non-interest income
Guarantee income487 383 301 
Investment gains, net243 549 555 
Other income109 128 85 
Non-interest income839 1,060 941 
Net revenues5,838 5,988 5,690 
(Provision) benefit for credit losses191 (394)263 
Non-interest expense
Salaries and employee benefits(424)(420)(418)
Credit enhancement expense(616)(588)(634)
Benefit for (decrease in) credit enhancement recoveries(4)(7)(103)
Legislative assessments expense(780)(768)(757)
Other expense(359)(351)(664)
Non-interest expense(2,183)(2,134)(2,576)
Income before income tax expense3,846 3,460 3,377 
Income tax expense(741)(695)(692)
Net income3,105 2,765 2,685 
Other comprehensive income (loss), net of taxes and reclassification adjustments62 (5)19 
Comprehensive income$3,167$2,760$2,704
Net income$3,105$2,765$2,685
Amounts attributable to senior preferred stock(3,167)(2,760)(2,704)
Net income (loss) attributable to common stockholders($62)$5($19)
Net income (loss) per common share($0.02)$0.00($0.01)
Weighted average common shares (in millions)3,234 3,234 3,234 


Freddie Mac Third Quarter 2024 Financial Results
October 30, 2024
Page 10


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 receivable, net10,561 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 securities 107 72 
Other(97)(94)
Total AOCI, net of taxes10 (22)
Treasury stock, at cost, 75,804,333 shares
(3,885)(3,885)
Total equity56,390 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 variable interest entities (VIEs) on the company's 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 receivable, net9,6048,885 
Other assets6,575 4,858 
Total assets of consolidated VIEs$3,115,175$3,063,556
Liabilities:
Accrued interest payable$8,218$7,527
Debt3,092,1403,041,927
Total liabilities of consolidated VIEs$3,100,358$3,049,454