Freddie Mac (FMCC) Q4 2024 earnings summary

Executive summary

• Reported net income of $3.2B for Q4 2024 (up 11% YoY) and $11.9B for full-year 2024 (up 13% YoY), driven by higher net revenues and mortgage portfolio growth.

• Net worth increased to $60B as of December 31, 2024, up 25% year-over-year.

• Provided $411B in liquidity, supporting 1.6M households in 2024; 53% of eligible single-family loans and 93% of eligible multifamily units were affordable to low- to moderate-income families.

• Acquired over 1 million loans from more than 1,000 lenders and issued $411B in MBS, up 18% from 2023.

Financial highlights

• Full-year 2024 net income was $11.9B (up 13% YoY); comprehensive income also $11.9B (up 11%).

• Net revenues for 2024 were $23.9B (up 13% YoY); Q4 net revenues rose 18% YoY to $6.3B.

• Net interest income was $19.7B (up 6% YoY); non-interest income was $4.2B (up 55% YoY).

• Provision for credit losses was $0.5B expense for the year, and $0.1B in Q4 2024.

• Non-interest expenses fell 3% to $8.7B, reflecting absence of prior year litigation accrual.

Outlook and guidance

• Management highlighted ongoing focus on affordable housing, financial education, and sustainable homeownership.

• Forecasts house prices to grow 2.7% over the next 12 months and 3.3% in the following 12 months.

• Forward-looking statements note risks from economic and market conditions, regulatory changes, and credit quality.