Ownership / Federal Home Loan Mortgage Corporation | Tables in SEC filings

FMCC Federal Home Loan Mortgage Corporation

Annual report

Consolidated Statements of Cash Flows

Year Ended December 31,

(In millions)

2024

2023

2022

Cash flows from operating activities

Net income

$11,858

$10,538

$9,327

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

Amortization of cost basis adjustments

726

827

(1,264)

Provision (benefit) for credit losses

476

(872)

1,841

Investment gains, net

(2,433)

(1,853)

(2,763)

Deferred income tax expense and changes in income taxes receivable/payable

255

1,762

(223)

Mortgage loans acquired as held-for-sale:

Purchases

(31,496)

(29,339)

(45,093)

Proceeds from sales and repayments

27,661

27,347

49,389

Net change in:

Accrued interest receivable

(1,103)

(1,389)

(1,038)

Accrued interest payable

1,020

1,507

1,041

Other, net

(337)

(913)

708

Net cash provided by (used in) operating activities

6,627

7,615

11,925

Cash flows from investing activities

Investment securities:

Purchases

(94,394)

(101,238)

(132,913)

Proceeds from sales

68,572

78,799

122,442

Proceeds from maturities and repayments

10,811

14,247

13,821

Mortgage loans acquired held-for-investment:

Purchases

(146,854)

(101,262)

(160,884)

Proceeds from sales

3,009

7,581

3,438

Proceeds from repayments

278,965

245,037

352,204

Advances under secured lending arrangements

(113,097)

(96,666)

(170,456)

Net (increase) decrease in securities purchased under agreements to resell

(2,945)

(6,107)

(20,750)

Cash flows related to derivatives

5,728

4,326

4,769

Other, net

(171)

(464)

(273)

Net cash provided by (used in) investing activities

9,624

44,253

11,398

Cash flows from financing activities

Debt of consolidated trusts:

Proceeds from issuance

253,894

205,523

359,806

Repayments and redemptions

(282,087)

(251,762)

(388,033)

Debt of Freddie Mac:

Proceeds from issuance

207,529

146,506

137,339

Repayments

(194,038)

(150,585)

(140,970)

Net increase (decrease) in securities sold under agreements to repurchase

(2,025)

(1,746)

4,658

Other, net

(9)

(145)

Net cash provided by (used in) financing activities

(16,736)

(52,209)

(27,113)

Net increase (decrease) in cash and cash equivalents (includes restricted cash and cash equivalents)

(485)

(341)

(3,790)

Cash and cash equivalents (includes restricted cash and cash equivalents) at the beginning of year

6,019

6,360

10,150

Cash and cash equivalents (includes restricted cash and cash equivalents) at end of period

$5,534

$6,019

$6,360

Supplemental cash flow information

Cash paid for:

Debt interest

$100,136

$87,610

$75,441

Income taxes

2,750

900

2,500

Non-cash investing and financing activities (Notes 4 and 7)

Year Over Year Change
Year Ended December 31,	2024 vs. 2023	2023 vs. 2022
(Dollars in millions)	2024	2023			2022			$		%		$	%
Guarantee net interest income:	Contractual net interest income	$15,338			$14,753	$14,020	$585	4%	$733		5%
Deferred fee income	773	1,012	2,984	(239)	(24)	(1,972)			(66)
Total guarantee net interest income	16,111	15,765	17,004	346	2	(1,239)			(7)
Investments net interest income	6,032	6,280	3,417	(248)	(4)	2,863			84
Impact on net interest income from hedge accounting	(2,406)	(3,503)	(2,416)	1,097	31	(1,087)			(45)
Net interest income	$19,737	$18,542	$18,005	$1,195	6%	$537			3%

December 31, 2023
(Dollars in millions)	UPB(1)	% of Portfolio			Maximum Coverage(2)(3)
Primary mortgage insurance(4)	$637,037	21	%	$165,738		STACR	1,175,837	39	31,222	ACIS	821,048	27	17,647	Other	39,901	1	11,027	Less: UPB with multiple credit enhancements and other reconciling items(5)	(813,966)	(27)	—	Single-Family mortgage portfolio - credit-enhanced	1,859,857	61	225,634	Single-Family mortgage portfolio - non-credit-enhanced	1,179,053	39	N/A
Total	$3,038,910	100	%	$225,634

(In millions)	December 31, 2024			December 31, 2023
Total equity												$59,575			$47,722	Less:	Senior preferred stock			72,648			72,648	AOCI, net of taxes	(27)			(22)	Core capital	(13,046)			(24,904)	General allowance for foreclosure losses(1)	7,239			6,849	Total statutory capital	($5,807)			($18,055)

(In billions)	December 31, 2024		December 31, 2023
Adjusted total assets							$3,817					$3,775
Risk-weighted assets (standardized approach):							Credit risk					988						884
Market risk							58					54
Operational risk							72					71
Total risk-weighted assets							$1,118					$1,009
(In billions)		December 31, 2024		December 31, 2023
Stress capital buffer		$28		$28
Stability capital buffer		29		23
Countercyclical capital buffer amount		—		—
PCCBA		$57		$51
PLBA		$14		$11
December 31, 2024
(Dollars in billions)		Minimum Capital Requirement		Applicable Buffer			Capital Requirement (Including Buffer(1))			Available Capital (Deficit)					Capital Shortfall
Risk-based capital amounts:		Total capital (statutory)		$89			N/A	$89			($6)				($95)	CET1 capital	50		$57	107	(32)					(139)	Tier 1 capital	67	57	124	(18)					(142)	Adjusted total capital	89			57	146	(18)		(164)	Risk-based capital ratios(2):	Total capital (statutory)	8.0		%	N/A	8.0		%	(0.5)		%	(8.5)	%
CET1 capital		4.5		5.1	%	9.6		(2.9)	(12.5)	Tier 1 capital	6.0		5.1	11.1	(1.6)	(12.7)	Adjusted total capital	8.0		5.1	13.1	(1.6)	(14.7)	Leverage capital amounts:	Core capital (statutory)			$95	N/A	$95		($13)	($108)	Tier 1 capital	95			$14	109	(18)	(127)	Leverage capital ratios(3):	Core capital (statutory)	2.5		%	N/A	2.5	%	(0.3)			%	(2.8)		%
Tier 1 capital		2.5		0.4	%	2.9		(0.5)	(3.4)

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