Freddie Mac · OTC:FMCC
Freddie Mac — Federal Home Loan Mortgage Corp (Fmcc, Fmccg, Fmcci, Fmccj, Fmccl, Fmccn, Fmcco, Fmccs, Fmcct, Fmcki, Fmckl, Fmckn, Frejn, Frejo) — Q4 2025 Earnings Presentation
12 slides from Freddie Mac's earnings presentation, Feb 12, 2026
Slide 1: Fourth Quarter 2025 Financial Results Supplement
© Freddie Mac Fourth Quarter 2025 Financial Results Supplement February 12, 2026 Exhibit 99.2
Slide 2: Financial Highlights
© Freddie Mac 2 Financial Highlights $6.3 $5.9 $5.9 $5.7 $5.8 $3.2 $2.8 $2.4 $2.8 $2.8 Net revenues Net income 4Q24 1Q25 2Q25 3Q25 4Q25 Net revenues and net income $ Billions ▪ Net income of $2.8 billion for the fourth quarter of 2025, a decrease of 14% year-over-year, primarily driven by lower net
Slide 3: Mortgage Portfolio Balances
© Freddie Mac 3 $3,571 $3,582 $3,593 $3,621 $3,652 $3,104 $3,115 $3,127 $3,141 $3,156 $467 $467 $466 $480 $496 Single-Family mortgage portfolio Multifamily mortgage portfolio 12/31/24 03/31/25 06/30/25 09/30/25 12/31/25 Mortgage Portfolio Balances Mortgage portfolio1 UPB in $ Billions 2% YoY increas
Slide 4: Conservatorship Matters
© Freddie Mac 4 $70.4 $140.2 $140.2 Net worth Senior preferred stock liquidation preference Remaining Treasury funding commitment As of December 31, 2025 Conservatorship Matters Pursuant to the Purchase Agreement, Freddie Mac will not be required to pay a dividend to Treasury until it has built suff
Slide 5: Key Economic Indicators
© Freddie Mac 5 National home prices3 increased by an average of 0.7% over the past year 6.85% 6.65% 6.77% 6.30% 6.15% 4.53% 4.33% 4.32% 4.31% 3.79% 30-year mortgage rate, based on Primary Mortgage Market Survey (PMMS) SOFR 12/31/24 03/31/25 06/30/25 09/30/25 12/31/25 Key Economic Indicators Quarter
Slide 6: Single-Family Financial Highlights and Key Metrics
© Freddie Mac 6 $3,104 $3,115 $3,127 $3,141 $3,156 4Q24 1Q25 2Q25 3Q25 4Q25 1.10% 0.96% 1.04% 1.03% 1.09% 0.31% 0.26% 0.26% 0.28% 0.31% 0.59% 0.59% 0.55% 0.57% 0.59% One month past due Two months past due Seriously delinquent 4Q24 1Q25 2Q25 3Q25 4Q25 $100 $78 $94 $99 $118 $74 $62 $76 $81 $77 $26 $16
Slide 7: Single-Family Loan Purchase Credit Characteristics
© Freddie Mac 7 Loan purpose 77% 77% 77% 77% 76% 4Q24 1Q25 2Q25 3Q25 4Q25 74% 79% 81% 82% 65% 9% 11% 8% 9% 9% 17% 10% 11% 9% 26% Home purchase Cash-out refinance Other refinance 4Q24 1Q25 2Q25 3Q25 4Q25 756 756 759 756 758 4Q24 1Q25 2Q25 3Q25 4Q25 28% 30% 28% 28% 25% 4Q24 1Q25 2Q25 3Q25 4Q25 New bus
Slide 8: Multifamily Financial Highlights and Key Metrics
© Freddie Mac 8 0.40% 0.46% 0.47% 0.51% 0.44% 4Q24 1Q25 2Q25 3Q25 4Q25 $30 $10 $12 $25 $29 4Q24 1Q25 2Q25 3Q25 4Q25 Multifamily delinquency rate (60+ day) $467 $467 $466 $480 $496 4Q24 1Q25 2Q25 3Q25 4Q25 Multifamily Financial Highlights and Key Metrics $1.1 $0.9 $0.8 $0.8 $0.9 $0.7 $0.5 $0.3 $0.4 $
Slide 9: Multifamily New Business Characteristics
© Freddie Mac 9 Acquisitions of units by area median income (AMI) (% of eligible units acquired) 28% 43% 39% 34% 35% 37% 32% 35% 33% 33% 28% 19% 21% 25% 24% 7% 6% 5% 8% 8% ≤60% >60% to ≤80% >80% to ≤120% >120% 4Q24 1Q25 2Q25 3Q25 4Q25 1.30 1.30 1.34 1.29 1.28 64% 62% 62% 64% 65% Weighted average ODS
Slide 10: Housing Market Support
© Freddie Mac 10 20 25 24 22 23 6 7 5 5 7 8 11 8 8 8 6 7 11 9 8 Forbearance plans and other Payment deferral plans Loan modifications 4Q24 1Q25 2Q25 3Q25 4Q25 Number of families Freddie Mac helped to own or rent a home5 In Thousands Housing Market Support 539 313 363 483 565 82 53 58 62 117 212 171
Slide 11: Endnotes
© Freddie Mac 11 Endnotes 1 Based on unpaid principal balances (UPB) of mortgage loans held-for-investment, mortgage loans held-for-sale, and mortgage loans underlying our mortgage-related guarantees. 2 Includes the initial $1 billion liquidation preference of the senior preferred stock issued to Tr
Slide 12: Safe Harbor Statements
© Freddie Mac 12 Safe Harbor Statements Freddie Mac obligations Freddie Mac’s securities are obligations of Freddie Mac only. The securities, including any interest or return of discount on the securities, are not guaranteed by and are not debts or obligations of the United States or any federal age