Freddie Mac · OTC:FMCC
Freddie Mac — Debt Investor Presentation (October 2025)
32 slides from Freddie Mac's debt investor presentation, October 2025
Slide 1: Seasoned Loans Structured Transaction Trust, Series 2025-2 Investor Presentation
Seasoned Loans Structured Transaction Trust, Series 2025-2 (“SLST 2025-2”) Investor Presentation October 2025 Information contained in this presentation is current as of October 2025. For further information on this transaction see the SLST 2025-2 Offering Circular on FreddieMac.com Prepared by Inve
Slide 2: Disclaimer
Disclaimer Notice to all Investors: This presentation (the “Presentation”) is not an offer to sell any Freddie Mac securities. Offers for any given security are made only through applicable offering circulars, private placement memoranda and related supplements, which incorporate Freddie Mac’s Annua
Slide 3: Disclaimer
Disclaimer Notice to all Investors: The investment described in this Presentation is a complex financial product. These Certificates are complex instruments intended for sale only to sophisticated investors who understand and assume the risks involved with the purchase thereof. The risks associated
Slide 4: SLST 2025-2
SLST 2025-2 • Freddie Mac’s $343 million SLST 2025-2 securitization is the 20th SLST transaction backed by re-performing and non-performing single-family mortgage loans (“RPLs”) o Freddie Mac will simultaneously market the non-guaranteed subordinate certificates (the “Subordinate Certificates”) via
Slide 5: Summary of Changes
Summary of Changes • Third-Party Due Diligence Changes o Compliance: ▪ Compliance testing on a statistically significant sample of the initial pool of mortgage loans originated prior to the QM patch expiration ▪ Compliance and QM/Credit testing on a statistically significant sample of the initial po
Slide 6: Key Dates
Key Dates September 2025 October 2025 • September 30th: Cut-Off Date S M T W T F S S M T W T F S 1 2 3 4 5 6 1 2 3 4 • October 14th: Investor Tape Available 7 8 9 10 11 12 13 5 6 7 8 9 10 11 • October 22nd: Pre-marketing Begins 14 15 16 17 18 19 20 12 13 14 15 16 17 18 • October 24th: SUB Bids Due (
Slide 7: Indicative SLST 2025-2 Transaction Structure
Indicative SLST 2025-2 Transaction Structure SLST Investors Principal and interest distributions from the Trust and certain payments from the REO Trust Liquidating distribution Seasoned Loans Structured Transaction Trust, Series 2025-2 from REO Trust at termination of REO Trust Collections of Paymen
Slide 8: Retained Portfolio
Retained Portfolio • As of June 30, 2025, Freddie Mac’s total retained portfolio balance was $119.4 billion • A varying amount of single-family residential mortgage loans are bought out of MBS and into the retained portfolio monthly • Freddie Mac has been actively reducing these assets via economica
Slide 9: Freddie Mac Seasoned and Legacy Loan Activity
Freddie Mac Seasoned and Legacy Loan Activity Approximately $92 Billion from 2011 through September 2025 MBS - Fully Guaranteed Securitizations SCRT - RPL Senior/Sub Re-Performing and Modified Pools Guaranteed Seniors / Non-guaranteed Subs $30.4 billion settled since 2011 $37.6 billion settled since
Slide 10: Collateral – 2021-2025 Deals
SLST Collateral – 2021-2025 Deals Description SLST 2021-1 SLST 2021-2 SLST 2022-1 SLST 2022-2 SLST 2023-1 SLST 2024-1 SLST 2024-2 SLST 2025-1 SLST 2025-2 As of Date 4/30/2021 6/30/2021 4/30/2022 9/30/2022 9/30/2023 4/30/2024 9/30/2024 4/30/2025 9/30/2025 % Modified 66% 88% 86% 94% 89% 94% 91% 92% 90
Slide 11: Preliminary SLST 2025-2 Structure
Preliminary SLST 2025-2 Structure Overview(1) Mandatory Guarantor Initial Class Initial Approximate Principal Base Offered WAL Repurchase Principal/Notional % UPB Credit Initial Class Window Coupon Type Class Type Class Class (years) (2) Date/Stated Final Amount Enhancement % Coupon % (months)(2) Di
Slide 12: Preliminary Guaranteed Senior Certificates
Preliminary Guaranteed Senior Certificates Preliminary Guaranteed Senior Offerings(1) Base Offered Maximum Initial Class Approximate Initial WAL Principal Window Class Type Class Class Principal/Notional Amount Class Coupon % (years)(2) (months)(2) A-1-1 $40,000,000 3.000% 1.01 1-23 Sequential/Excha
Slide 13: SLST 2025-2 A-1: Projected Cashflow Comparison
SLST 2025-2 A-1: Projected Cashflow Comparison Pricing Speed Bond Comparison Principal Window Pricing Class Coupon WAL (years)(1) Pricing Date (months)(1) Spread SLST 2025-2 A-1 3.000% 5.29 1-120 N/A 10/24/2025 (Expected) SCRT 2025-2 MA 3.000% 5.13 1-151 I + 136 bps(2) 9/8/2025 Attributes of SLST 20
Slide 14: SLST 2025-2 A-2: Projected Cashflow Comparison
SLST 2025-2 A-2: Projected Cashflow Comparison Pricing Speed Bond Comparison Principal Window Pricing Class Coupon WAL (years)(1) Pricing Date (months)(1) Spread(2) SLST 2025-2 A-2 3.000% 9.99 120-120 N/A 10/24/2025 (Expected) K172 A-2 4.581% 9.79 117-119 J + 37 bps 10/1/2025 Attributes of SLST 2025
Slide 15: Indicative Uncapped / High-Capped Floaters Diagram
Indicative Uncapped / High-Capped Floaters Diagram Exchangeable MACR MACR MACR(1) Class A-1-1 Uncapped Floater Guarantor Cap Payment Certificates SOFR + [ ]bps SOFR – (3.00%-[ ]bps) 0% Floor Mortgage Loan 3.00% Fixed No Cap Participation Class A-1-2 Class A-1 Interests Certificates Certificates Inve
Slide 16: Performance Triggers and Structural Features
Performance Triggers and Structural Features Terms/Structural Description Features Non-Current For any Distribution Date if the Non-Current Mortgage Loan Percentage exceeds 300% of the current Credit Enhancement, the trigger Mortgage Loan is breached. Percentage Trigger The Subordinate Certificates
Slide 17: Retention Requirements
Retention Requirements • Purchaser is required to hold 100% of the Class M, Class B and Class XS Certificates for at least 2 years after closing • After Year 2 through Year 5 post-closing, the Purchaser or the Retained Certificateholder, as applicable, has the right to sell 100% of the Class M, Clas
Slide 18: SLST Transaction Comparison
SLST Transaction Comparison SLST 2019-1 SLST 2019-2 SLST 2019-3 SLST 2020-2 SLST 2020-1 SLST 2020-3 SLST 2021-1 SLST 2021-2 SLST 2022-1 SLST 2022-2 SLST 2023-1 SLST 2024-1 SLST 2024-2 SLST 2025-1 SLST 2025-2 Terms/ May September November September July November May July May October October May Octob
Slide 19: SLST 2025-2 Projected Model Speeds
SLST 2025-2 Projected Model Speeds VPR(1) 10 8 6 Rate % 4 2 0 Yield Book Model Bloomberg Model SLST Pricing Speed CDR(1) 2.5 2 1.5 Rate % 1 0.5 0 Yield Book Model Bloomberg Model SLST Pricing Speed VPR CDR Severity Pricing Assumptions Ramp from 3% to 6% over 36 months Ramp from 0% to 2% over 36 mont
Slide 20: SLST Historical Speeds
SLST Historical Speeds Historical 1-Month VPR by Issuance(1)(2) 16 14 12 10 8 6 4 2 0 SLST Deals Settled in: 2019 2020 2021 2022 2023 2024 2025 SLST 2025-2 – WAL Table(3) Class 50% PPS 100% PPS 150% PPS 200% PPS 250% PPS SLST 2025-2 A-1 Certificates 6.36 5.29 4.38 3.65 3.14 SLST 2025-2 A-2 Certifica
Slide 21: SLST Historical Cashflow
SLST Historical Cashflow % Scheduled Payments Made Grouped by Issuance Year(1)(2) 110% 100% 90% 80% 70% 60% SLST Deals Settled in: 2019 2020 2021 2022 2023 2024 2025 (1) Weighted by ending total UPB as of the September 25, 2025 remittance. Data source: 1010data (2) It is assumed that: (a) if a loan
Slide 22: SLST Historical Performance
SLST Historical Performance % 90+ Days Delinquent (by Months After Issuance)(1)(2) 35 30 25 20 15 10 5 0 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 53 55 57 59 61 63 65 67 69 71 73 75 77 79 81 83 85 87 SLST 2018-1 SLST 2018-2 SLST 2019-1 SLST 2019-2 SLST 2019-3 SLST 202
Slide 23: Servicing and Collateral Oversight
Servicing and Collateral Oversight The Collateral Administrator, if any, and Guarantor each have responsibilities for management of the collateral and servicing. COLLATERAL ADMINISTRATOR • General oversight of the Servicer(s) • Consent, withhold consent or waive the right to consent to the Servicers
Slide 24: Post-Securitization Servicing Requirements
Post-Securitization Servicing Requirements Modification, Payment Deferral and Other Loss Mitigation Eligibility • Borrower must be 60+ days delinquent or in imminent default as determined by the Servicer Limits • Servicer must first evaluate eligible borrowers for a Payment Deferral, and then a Modi
Slide 25: Post-Securitization Servicing Requirements (continued)
Post-Securitization Servicing Requirements (continued) Servicer Affiliate • The Servicer can’t acquire lender placed insurance from any affiliate • If the Servicer obtains property valuation, preservation, or disposition services from an affiliate, the Servicer may not receive incentive-based compen
Slide 26: SLST Program Support
SLST Program Support Financing for SLST Guaranteed Classes • Freddie Mac offers repo financing for certain SLST guaranteed tranches (except IOs) to approved counterparties • Eligible for financing under the BNY Mellon MBS Tri-party Repo • Acceptable collateral to pledge to all FHLBs Models & Data Ve
Slide 27: SLST Investor Types
SLST Investor Types(1) Guaranteed Certificates Non-Guaranteed Certificates FHLB, 1.7% Money Manager, REIT, 1.9% Other(2), 1.2% 4.5% Insurance Company, 8.0% Bank/Credit Private Equity, REIT, 38.6% Union, 48.0% 56.9% Money Manager, 39.1% 77 cumulative investors to date 7 cumulative investors to date (
Slide 28: SLST 2025-2 Stratifications (as of September 30, 2025)
SLST 2025-2 Stratifications (as of September 30, 2025) Product Type Range of Current Mortgage Rate (%) Number of Aggregate Unpaid Aggregate Unpaid Number of Aggregate Unpaid Aggregate Unpaid Mortgage Loans Principal Balance ($) Principal Balance (%) Mortgage Loans Principal Balance ($) Principal Bal
Slide 29: SLST 2025-2 Stratifications (as of September 30, 2025)
SLST 2025-2 Stratifications (as of September 30, 2025) Range of AVM Current Loan-to-Value (%) Range of Loan Age from Modification or PDP(1)(2)(months) Number of Aggregate Unpaid Aggregate Unpaid Number of Aggregate Unpaid Aggregate Unpaid Mortgage Loans Principal Balance ($) Principal Balance (%) Mo
Slide 30: SLST 2025-2 Stratifications (as of September 30, 2025)
SLST 2025-2 Stratifications (as of September 30, 2025) Property Type at Origination Range of Clean Pay History (months)* Number of Aggregate Unpaid Aggregate Unpaid Number of Aggregate Unpaid Aggregate Unpaid Mortgage Loans Principal Balance ($) Principal Balance (%) Mortgage Loans Principal Balance
Slide 31: SLST 2025-2 Stratifications (as of September 30, 2025)
SLST 2025-2 Stratifications (as of September 30, 2025) Index (Adjustable–Rate Mortgage Loans Only) Months to Next Rate Adjustment Date (Adjustable–Rate Mortgage Loans Only)(1) Number of Aggregate Unpaid Aggregate Unpaid Number of Aggregate Unpaid Aggregate Unpaid Mortgage Loans Principal Balance ($)
Slide 32: SLST 2025-2 Stratifications (as of September 30, 2025)
SLST 2025-2 Stratifications (as of September 30, 2025) Range of Lifetime Minimum Rate (%) (Adjustable–Rate Mortgage Loans Only) Range of Lifetime Maximum Rate (%) (Adjustable–Rate Mortgage Loans Only) Number of Aggregate Unpaid Aggregate Unpaid Number of Aggregate Unpaid Aggregate Unpaid Mortgage Lo
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