#1Freddie Mac We make home possible® Seasoned Loans Structured Transaction Trust, Series 2023-1 ("SLST 2023-1") Investor Presentation October 2023 Information contained in this presentation is current as of October 2023. For further information on this transaction see the SLST 2023-1 Offering Circular on FreddieMac.com CONFIDENTIAL SLST 2023-1 Prepared by Investments and Capital Freddie Mac Markets#2Disclaimer 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 Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on February 22, 2023, and all other reports or documents that Freddie Mac files with the SEC pursuant to Sections 13(a), 13(c) or 14 of the Exchange Act, excluding any information "furnished" to the SEC on Form 8-K. Content in this Presentation is not reflective of current market/spreads and is not indicative of any future Freddie Mac offerings. Please use this Presentation for informational purposes only. The information contained in this Presentation (the "Information") has been provided by one of BofA Securities, LLC ("BofA Securities"), Citigroup Global Markets Inc. ("Citigroup"), Nomura Securities International, Inc. ("Nomura") and R. Seelaus & Co., LLC ("Seelaus") each a "Dealer" and collectively, the "Dealers") and is preliminary and subject to change. The Information does not include all of the information relating to the Mortgage Loan population for this transaction (the "Mortgage Pool"), or the securities to be issued and collateralized by such Mortgage Loans (the "Certificates"). As such, the Information may not reflect the impact of all structural characteristics of the securities. The assumptions underlying the Information, including structure and the composition of the Mortgage Pool, may be modified from time to time to reflect changed circumstances. This document may be amended, superseded or replaced by subsequent term sheets, "roadshow" materials and/or updated pool information and will be superseded by the applicable offering circular (the "Offering Circular") or private placement memorandum (the "Private Placement Memorandum") in all respects, which will describe the final terms and conditions of the securities. Any offering of securities will occur only in accordance with the terms and conditions set forth in the Offering Circular or Private Placement Memorandum. In the event of any inconsistency between the information included in this Presentation and the Offering Circular and/or the Private Placement Memorandum, the Offering Circular and/or Private Placement Memorandum shall be deemed to supersede this Presentation. Prospective purchasers are recommended to review the final Offering Circular or final Private Placement Memorandum, as applicable, relating to the securities discussed in this communication. The final Offering Circular or final Private Placement Memorandum will contain data that is current as of its publication date and after publication may no longer be complete or current. A final Offering Circular or final Private Placement Memorandum may be obtained from the joint bookrunner BofA Securities by calling 800-294-1322. The Information is preliminary and subject to final structural, accounting and legal review as well as final changes to the composition of the underlying mortgage loans. The analyses, calculations and valuations herein are based on certain assumptions and data provided by third parties that may vary from the actual characteristics of the underlying mortgage loans relating to the Certificates. Neither the Dealers nor Freddie Mac have verified these analyses, calculations or valuations. Material contained within the Information may also be based on assumptions regarding market conditions and other matters as reflected herein, and such assumptions may not coincide with actual market conditions or events. Neither the Dealers nor Freddie Mac have undertaken to update or amend the Information since the date it was issued. More current information may be available publicly from other sources. The Certificates are being offered when, as and if issued. In particular, you are advised that these Certificates, and the underlying mortgage loans, are subject to modification or revision (including, among other things, the possibility that one or more classes of Certificates may be split, combined or eliminated), at any time prior to issuance or availability of the final Offering Circular or Private Placement Memorandum. Any decision to invest in the Certificates described herein should be made after reviewing the final Offering Circular or Private Placement Memorandum, conducting such investigations as the investor deems necessary and consulting the investor's own legal, accounting and tax advisors in order to make an independent determination of the suitability and consequences of an investment in the Certificates. 2 CONFIDENTIAL SLST 2023-1 Prepared by Investments and Capital © Freddie Mac Markets#3Disclaimer 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 with the Certificates may significantly reduce an investor's expected yield and expected return of principal, and/or reduce an investor's ability to sell or obtain market value information about the Certificates. Investors should independently evaluate the risks associated with the Certificates and consult their own professional advisors. These risks may include, but may not be limited to the following: • . • The performance of the underlying mortgage loans may be correlated with economic or other factors that may diminish the value of the Certificates. The performance of the underlying mortgage loans and the value of the Certificates may be largely dependent on the quality of the origination, performance history, and servicing of the underlying mortgage loans. The value of the Certificates may be diminished by market conditions unrelated to the performance of the Certificates. This Presentation shall not constitute an underwriting commitment, an offer of financing, an offer to sell or the solicitation of an offer to buy any Certificates described herein, each of which shall be subject to the Dealers' internal approvals. No transaction or services related thereto is contemplated without the Dealers' subsequent formal agreement. The Dealers are not acting as a fiduciary, advisor or agent. Prior to entering into any transaction with respect to the Certificates, you should determine, without reliance upon any Dealer or its affiliates, the economic risks and merits, as well as the legal, tax and accounting characterizations and consequences of the transaction, and independently determine that you are able to assume these risks. In this regard, by acceptance of this Presentation, you acknowledge that you have been advised that (a) the Dealers are not in the business of providing legal, tax or accounting advice, (b) you understand that there may be legal, tax or accounting risks associated with the transaction, (c) you should receive legal, tax and accounting advice from advisors with appropriate expertise to assess relevant risks, and (d) you should apprise senior management in your organization as to the legal, tax and accounting advice (and, if applicable, risks) associated with this transaction and the Dealers' disclaimers as to these matters. Prospective investors should inform themselves and take appropriate advice as to any applicable legal requirements and any applicable taxation and exchange control regulations in the countries of their citizenship, residence or domicile which might be relevant to the subscription, purchase, holding, exchange, redemption or disposal of any Certificates. Targets are objectives and should not be construed as providing any assurance or guarantee as to the results that may be realized in the future from investment in any asset or asset class described in the Presentation. Please be advised that any targets shown in the Presentation are subject to change at any time and are current as of the date of this presentation only. In addition, the information contained therein includes observations and/or assumptions and involves significant elements of subjective judgment and analysis. No representations are made as to the accuracy of such observations and assumptions and there can be no assurances that actual events will not differ materially from those assumed. In the event any of the assumptions used in the Presentation do not prove to be true, results are likely to vary substantially from those discussed therein. A prospective investor in the Certificates must conduct its own independent review and due diligence to make its own assessment of the merits and risks of making an investment in, perform its own legal, accounting and tax analysis and conclude that the investment in the Certificates (i) is fully consistent with the investor's financial requirements and financial condition, investment objectives and risk tolerance; (ii) complies and is fully consistent with all investment policies, guidelines and restrictions applicable to the investor; and (iii) is a fit, proper and suitable investment for the investor. This Presentation is confidential and may not be reproduced or transferred, in whole or in part, to any other party that is not an employee, officer, director, or authorized agent of the recipient without the express written consent of Freddie Mac. No person has been authorized to give any information or to make any representation, warranty, statement or assurance not contained in the Offering Circular or Private Placement Memorandum and, if given or made, such other information or representation, warranty, statement or assurance must not be relied upon. Each person accepting these materials agrees to return them promptly upon request. The Information may not be forwarded or provided by you to any other person. An investor or potential investor in the Certificates (and each employee, representative, or other agent of such person or entity) may disclose to any and all persons, without limitation, the tax treatment and tax structure of the transaction (as defined in United States Treasury Regulation Section 1.6011-4) and all related materials of any kind, including opinions or other tax analyses, that are provided to such person or entity. However, such person or entity may not disclose any other information relating to this transaction unless such information is related to such tax treatment and tax structure. Notice to Canadian Investors: The Certificates may be sold only to purchasers purchasing, or deemed to be purchasing, as principal that are accredited investors, as defined in National Instrument 45-106 Prospectus Exemptions or subsection 73.3(1) of the Securities Act (Ontario), and are permitted clients, as defined in National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations. Any resale of the Certificates must be made in accordance with an exemption from, or in a transaction not subject to, the prospectus requirements of applicable securities laws. 3 CONFIDENTIAL SLST 2023-1 Prepared by Investments and Capital © Freddie Mac Markets#4Table of Contents 1. Program Summary 2. Transaction Timeline 3. Collateral and Structure 4. Key Transaction Features 5. Servicing and Program Support 6. Historical Deal Performance and Model Data 7. Historical Cohort Performance 8. Data Stratifications 9. SLST Transaction Comparison 10. Freddie Mac Key Contacts 4 CONFIDENTIAL SLST 2023-1 Prepared by Investments and Capital © Freddie Mac Markets#5Program Summary Freddie Mac Prepared by Investments and Capital CONFIDENTIAL SLST 2023-1 © Freddie Mac Markets#6Program Summary • Freddie Mac's $320.2 million SLST 2023-1 securitization is the sixteenth transaction backed by re-performing and non-performing single-family mortgage loans ("RPLS") 。 Freddie Mac will auction the right to purchase the Subordinate Certificates issued by the Trust. The winner of the auction (the “Purchaser”) will purchase the non-guaranteed subordinate certificates (the "Subordinate Certificates") at closing 。 Freddie Mac expects to separately offer the guaranteed senior certificates (the "Guaranteed Certificates") through a syndication process later in October 2023 The current servicers (the "Servicers”) are Specialized Loan Servicing, LLC ("SLS") and NewRez LLC d/b/a Shellpoint Mortgage Servicing ("SMS") The Purchaser will: 。 be required to choose a Collateral Administrator, approved by Freddie Mac, no later than 60 days after the Closing Date. The Collateral Administrator may be an affiliate of the Purchaser, but cannot be the Purchaser. The Collateral Administrator: • • shall review alleged material breaches of representations and warranties • may monitor the Servicers' servicing of Mortgage Loans and REO properties within 60 days of closing, subject to Freddie Mac's approval, have the option to (i) choose a different servicer and (ii) set a different servicing fee rate, subject to the PSA 。 be required to retain 100% of the Class M, Class B and Class XS Certificates for at least the initial 2-year period after closing Freddie Mac is not required to and will not retain credit risk pursuant to the Dodd Frank Credit Risk Retention Rule Note: See Term Sheet for definitions and further details CONFIDENTIAL SLST 2023-1 Prepared by Investments and Capital © Freddie Mac Markets 6#7What's New in 2023 • • • The Optional Redemption Right may be exercised at year 5 and monthly thereafter, at par Redefined Retained Certificates: о Until October 2028, 100% of the Class M, Class B, and Class XS Certificates Beginning in November 2028, 100% of the Class B and Class XS Certificates Revised Retention Requirements: о Purchaser is required to hold 100% of the Retained Certificates for at least 2 years О Beginning in November 2025 through October 2028, the Purchaser has the right to sell 100% of the Retained Certificates to a single purchaser 。 Beginning in November 2028, subject to certain conditions, the Retained Certificateholder or the holder of the Class M Certificates may: • Sell all or a portion of the Class M Certificates • Sell 100% of the Retained Certificates to a single purchaser • • The Restricted Mortgage Loans Threshold increased from 0.65% to 0.75% Revised FHFA RPL guidelines require borrowers first be evaluated for a Payment Deferral of principal and interest before being evaluated for a Modification о A Payment Deferral is a deferral of delinquent principal interest only into a non-interest bearing balance о A Payment Deferral will not be considered a Modification о A Mortgage Loan is limited to: • • One Modification per year and no more than two Modifications over the life of the deal • 12 cumulative months of principal and/or interest deferred for Payment Deferrals Additional guaranteed senior classes: о Additional front-sequentials 。 Uncapped and higher-capped floaters (with Guarantor Cap Payment) CONFIDENTIAL SLST 2023-1 7 Prepared by Investments and Capital © Freddie Mac Markets#8Summary of changes made in 2022 • On the Closing Date, the Mortgage Loans will be deposited into the Freddie Mac Participation Interest Trust, which will create a participation interest for each Mortgage Loan. Freddie Mac will sell all of the participation interests to the SLST Trust. The REO Trust will be formed for the purpose of holding participation interests related to certain Restricted REO Properties Includes Mortgage Loans that are 90+ days delinquent, but less than 180 days delinquent, as of the Cut-Off Date. Mortgage Loans that are 120 days or 150 days delinquent as of the Cut-Off Date have an AVM LTV <= 60 о Mortgage Loans 90+ days delinquent as of the Cut-Off Date (with certain exclusions based on certain cashflowing and modification criteria) are referred to as Restricted Mortgage Loans • Restricted Mortgage Loans that become REO Properties will be referred to as Restricted REO Properties. The percentage of Restricted REO Properties in the REMIC will be monitored. If such percentage exceeds the Restricted Mortgage Loans Threshold, certain participation interests related to such Restricted REO Properties will be transferred to the REO Trust • The winning Bidder will no longer be required to make a deposit towards the Class SUB Certificates CONFIDENTIAL 8 SLST 2023-1 Prepared by Investments and Capital © Freddie Mac Markets#9Indicative SLST 2023-1 Transaction Structure SLST Investors Principal and interest distributions from the Trust and certain payments from the REO Trust Seasoned Loans Structured Transaction Trust, Series 2023-1 Liquidating distribution from REO Trust at termination of REO Trust Collections of principal and interest on Mortgage Loans Payment of cash for participation interests for related Transferred Restricted REO Properties and payments to cover REMIC Realized Losses REMICS (1) Current, D30, D60, D90, D120, D150 If Restricted REO properties > 0.75%, then transfer participation interests from REMIC to REO Trust REO Trust (2) SLST PI Certificate, includes participation interests in all Mortgage Loans at closing PI Trust Holds Mortgage Loans, creates Participation Interests for each loan REO PI Certificate, blank at closing, used to track any participation interests transferred to the REO Trust Mortgage Loans (1) Includes "Restricted Mortgage Loans", which are 90 or more days delinquent as of the Cut-Off Date, excluding any such Mortgage Loan that (i) had the due date for payment moved forward at least five months in the six months preceding the Cut-Off Date, (ii) made payments in at least two months out to the six months preceding the Cut-Off Date, and (iii) was not modified in the six months ending on the Cut-Off Date. (2) The REO Trust will not represent an interest in any REMIC or be an asset of any REMIC 9 CONFIDENTIAL SLST 2023-1 Prepared by Investments and Capital Freddie Mac Markets#10Retained Portfolio and Less Liquid Assets • • As of June 30, 2023, Freddie Mac's total retained portfolio balance was $111.1 billion, which is comprised in part of Less Liquid Assets (1) A significant portion of Less Liquid Assets are single-family residential mortgage loans, which are the focus of both loan sales and securitization efforts A varying amount of these assets are bought out of MBS and into the retained portfolio monthly Freddie Mac has been actively reducing these assets via economically reasonable transactions Description Total Seasoned Unsecuritized Mortgage Loans (2) 6/30/2022 6/30/2023 ($ in Billions) ($ in Billions) Year over Year Change ($ in Billions) $25.4 $28.2 $2.8 (1) Less Liquid Assets include single-family RPLs and seriously delinquent loans, multifamily unsecuritized mortgage loans not in the securitization pipeline, certain Freddie Mac mortgage-related securities and non-agency mortgage-related securities not guaranteed by the GSEs 10 Source: Freddie Mac Quarterly Report on Form 10-Q for the quarter ended June 30, 2023 CONFIDENTIAL SLST 2023-1 Prepared by Investments and Capital Freddie Mac Markets#11Freddie Mac Seasoned and Legacy Loan Activity Approximately $87 Billion from 2011 through September 2023 MBS - Fully Guaranteed Securitizations Re-Performing and Modified Pools $30.4 billion settled since 2011 Primarily 6+ months clean pay history Serviced to Freddie Mac Guide No forborne UPB No servicing change SCRT - RPL Senior/Sub(1) Guaranteed Seniors / Non-guaranteed Subs $34.9 billion settled since Q4 2016 Up to 1 month delinquent Bankruptcy loans that are at least 6 months clean pay Not serviced to Freddie Mac Guide Includes forborne UPB Freddie Mac selects servicer for the trust NPL Sales SPO and EXPO Offerings $9.7 billion settled since 2014 Primarily 12+ months delinquent Not serviced to Freddie Mac Guide Includes forborne UPB NPL buyer selects servicer SLST - RPL Structured Sales Guaranteed Seniors / Non-guaranteed Subs $12.1 billion settled since Q4 2016 Primarily inconsistent pay RPLs and moderately DQ NPLs Not serviced to Freddie Mac Guide Includes forborne UPB Buyer of subs selects servicer for the trust (2) (1) Prior to 2022, loans were at least 6 months clean pay and bankruptcy loans were excluded. Prior to 2020, loans were at least 12 months clean pay and bankruptcy loans were excluded (2) Beginning in 2020, Freddie Mac selects the initial servicer(s) for the trust. The purchaser of the Subordinate Certificates may choose to transfer servicing after the Closing Date Source: Press Releases on FreddieMac.com CONFIDENTIAL SLST 2023-1 11 Prepared by Investments and Capital © Freddie Mac Markets#12Transaction Timeline Freddie Mac Prepared by Investments and Capital CONFIDENTIAL SLST 2023-1 © Freddie Mac Markets#13Key Dates August 31st: Initial Disclosure Date September 2023 October 2023 • September 30th: Cut-off Date S M T W T FL S S M T W F S • October 2nd: Begin Sub Marketing / 31 1 2 1 2 3 4 5 6 7 Data Room Opens 3 4 5 6 7 8 9 8 6 10 11 12 • October 13th: Pre-Access Qualification Due Date 10 11 12 13 14 15 16 15 16 17 18 19 17 18 19 • October 16th: Bid Due Date (by 11:00am Eastern Time) 24 25 220 20 21 26 27 28 29 30 23 22 22 23 29 22 22 23 24 23 25 25 26 NNW 13 14 20 21 27 28 30 31 • • October 16th: Bid Award/Trade Date October 16th: Expected Senior Marketing Start October 19th: Expected Pricing of Certificates October 26th: Closing Date Holidays Data Room Opens Bid Due Date/Bid Award Date Expected Pricing Pre-Access Qualification Due Date Closing Date CONFIDENTIAL 13 SLST 2023-1 Prepared by Investments and Capital © Freddie Mac Markets#14SLST Subordinate Certificates Auction Process (i) Offering (ii) Auction (iii) Collateral Administrator Formation & Terms(1) (iv) Final Population (v) Senior Syndication (vi) Settlement . • . • Each Bidder will be required to submit a price for the Class SUB Certificates (the "Subordinate Certificates Price") as a percentage of the Class SUB Class Principal Amount, based on the Initial Disclosure Date (8/31/2023) tape The Binding Trade Confirmation, including the Subordinate Certificates Price, must be submitted with the bid The Subordinate Certificates Price provided by the winning Bidder will be applied to the Class Principal Amount of the Class SUB Certificates, based on the final population in the Cut-Off Date (9/30/2023) tape, to calculate purchase proceeds The Cut-Off Date tape will consist of a subset of loans from the Initial Disclosure Date tape with removal of Mortgage Loans that are: о 120 or 150 days delinquent, with AVM LTV greater than 60% о 180+ days delinquent о In foreclosure, have completed a short sale, or become an REO property, or О Paid in full (1) The Purchaser must appoint a Collateral Administrator no later than 60 days after closing the transaction CONFIDENTIAL 14 SLST 2023-1 Prepared by Investments and Capital © Freddie Mac Markets#15Collateral and Structure Freddie Mac Prepared by Investments and Capital CONFIDENTIAL SLST 2023-1 © Freddie Mac Markets#16CONFIDENTIAL Pay History LTV/Credit Score Note Rate General SLST Collateral - 2020-2023 Deals Description SLST 2020-2 at Settle As of Date % Modified % Freddie Mac PDP Only (1) % Adjustable-Rate Mortgage Loan Loan Count Total UPB (including forborne UPB) in millions of USD Forborne UPB in millions of USD August 31, 2020 89% SLST 2020-3 at Settle October 31, 2020 89% SLST 2021-1 at Settle April 30, 2021 SLST 2021-2 at Settle June 30, 2021 SLST 2022-1 at Settle April 30, 2022 SLST 2022-2 at Settle SLST 2023-1 at Offering September 30, 2022 August 31, 2023 ! 66% 88% 86% 94% 89% 6% 5% 8% 6% 7% 3% 6% 2.7% 0.7% 3.3% 2.6% 1.2% 0.7% 1.1% 10,185 4,486 6,814 5,139 2,731 1,326 2,155 $1,508 $638 $809 $772 $386 $230 $320 $105 $41 $35 $66 $27 $20 $14 % UPB Forborne 7.0% 6.4% 4.3% 8.6% 7.1% 8.8% 4.5% % of Loans with a Forbearance (non-interest bearing) UPB % of Loans in a Temporary Forbearance Plan and Current % of Loans in a Temporary Forbearance Plan and Delinquent Avg. Loan Size in thousands of USD 44.5% 45.3% 33.8% 55.0% 49.4% 49.8% 33.0% 3.7% 5.0% 1.5% 1.6% 0.6% 0.5% N/A 11.8% 12.9% 5.7% 5.5% 4.3% 8.9% N/A $148 $142 $119 $150 $141 $174 $149 Weighted Average Note Rate at Origination (2) 6.2% 5.9% 5.7% 6.1% 5.6% 6.0% 5.3% Weighted Average Current Note Rate (2) 4.7% 4.7% 5.0% 4.6% 4.6% 4.2% 4.3% Weighted Average Effective Note Rate (3) Weighted Average Terminal Note Rate (2)(4) Weighted Average Terminal Effective Note Rate (3)(4) Weighted Average Loan Age from Origination (months)(5) Weighted Average Loan Age from Modification (months) Weighted Average Remaining Term to Maturity (months) (5) Weighted Average Updated LTV (FHFA Indexed) 4.4% 4.4% 4.8% 4.2% 4.3% 3.8% 4.1% 4.7% 4.8% 5.1% 4.7% 4.7% 4.2% 4.3% 4.4% 4.5% 4.8% 4.3% 4.3% 3.8% 4.1% 160 159 160 168 161 173 150 (5) 50 42 34 38 30 27 29 367 370 326 371 376 410 401 60% 57% 51% 59% 48% 51% 42% Weighted Average AVM Current LTV % of Loans with AVM Current LTV > 105% Weighted Average BPO Current LTV 65% 58% 49% 54% 46% 57% 44% 4.9% 3.6% 1.0% 2.0% 1.0% 4.9% 0.5% 71% 65% 54% 63% 52% 58% 47% % of Loans with BPO Current LTV > 105% 10.2% 8.4% 3.5% 6.5% 2.3% 6.0% 1.3% Non-Zero Weighted Average Credit Score at Origination 667 673 677 671 679 673 685 Non-Zero Weighted Average Current Credit Score 607 612 605 619 588 619 590 % of Loans in Judicial Foreclosure State % of Loans with MI 45.2% 51.4% 46.1% 48.2% 46.9% 49.1% 42.7% 15.7% 15.5% 15.5% 15.3% 18.5% 18.4% 23.1% % of Loans with Step-Rate at Modification 15.1% 11.6% 5.5% 12.4% 5.1% 6.7% 2.2% Weighted Average Number of Months Clean Pay History 3 3 3 3 1 2 3 % of Loans with 1-5 Months Clean Pay History 40% 42% 48% 43% 32% 33% 25% % of Loans with 6-11 Months Clean Pay History % of Loans with 12+ Months Clean Pay History % of Loans that are Current % of Loans that are 30-59 Days Delinquent % of Loans that are 60-89 Days Delinquent % of Loans that are 90+ Days Delinquent Servicer 21% 16% 21% 18% 8% 16% 27% 2% 3% 2% 2% 0% 1% 1% 63% 61% 70% 63% 41% 50% 53% 22% 25% 21% 24% 27% 18% 24% 11% 10% 8% 11% 16% 13% 13% 4% 4% 1% 2% 17% 18% 10% SPS Shellpoint SLS SPS, CLS SLS, Shellpoint RPS, SPS SLS, SMS (1)% Freddie Mac PDP only is a subset of % Modified (2) Note rates are weighted by Interest Bearing Unpaid Principal Balance only (3) Note rate multiplied by ratio of the aggregate Interest Bearing Unpaid Principal Balance over aggregate UPB (4) Weighted average of fixed-rate or maximum step-rate over the life of each Mortgage Loan. Excludes any ARMS (5) Calculated based on next due date SLST 2023-1 Prepared by Investments and Capital © Freddie Mac Markets 16#17Indicative SLST 2023-1 Structure Overview(1) Base Offered Class Class Initial Class Principal/Notional % UPB Amount Initial Approximate Credit Initial Class Enhancement % Coupon % WAL (years)(2) Principal Window (months)(2) Coupon Type Mandatory Guarantor Repurchase Date/Stated Final Distribution Date Class Type A-1 $222,158,000 69.38% 7.50% 3.250% 5.31 1-120 Fixed October 2033 AF(3)(4) A-2 $74,052,000 23.12% 7.50% 3.250% 10.00 120-120 Fixed October 2033 Guaranteed/Senior/ Sequential/MACR Guaranteed/Senior/ Sequential/Exchangeable A $296,210,000 92.50% 7.50% 3.250% 6.48 1-120 Fixed October 2033 M $11,208,000 3.50% 4.00% 5.000% 10.56 74-120 Fixed/Net WAC(5) October 2063 Guaranteed/Senior/ MACR Non-Guaranteed/ Subordinate/Exchangeable B $12,809,476 4.00% 0.00% 2.500% 10.45 N/A Fixed/Net WAC(5) October 2063 Non-Guaranteed/ Subordinate/Exchangeable Non-Guaranteed/Excess N/A XS $320,227,476(6) N/A N/A N/A N/A N/A (7) N/A Servicing Strip/Exchangeable BES $12,809,476 4.00% 0.00% 2.500% 10.45 N/A Fixed/Net WAC October 2063 Non-Guaranteed/ Subordinate/MACR SUB $24,017,476 7.50% 0.00% 3.666% 10.50 74-120 Fixed/Net WAC October 2063 Non-Guaranteed/ Subordinate/MACR Total $320,227,476 100.00% (1) Figures shown are as of August 31, 2023 (2) Pricing Assumptions SLST 2023-1 VPR Ramp from 3% to 6% over 36 months CDR Severity Ramp from 0% to 2% over 36 months 30% Optional Redemption/Clean-Up Call Not Exercised (3) The Class AF Certificates, not offered on the Closing Date, will be deposited into a REMIC and tranched sequentially into the Class A-1-1, Class A-1-2, Class A-1-3, Class A-1-4, Class A-1-5 and Class A-2 Certificates (4) If the Guaranteed Certificates have not been redeemed by the Majority Representative in connection with its Optional Redemption Right or otherwise paid in full by the Distribution Date in October 2033, effective on the Distribution Date in November 2033 and thereafter, the coupon of the Class AF Certificates will become a floating rate at a per annum rate, not less than 0.000%, equal to the lesser of (i) SOFR plus 2.000% and (ii) 7.000% (5) The Class Coupon of the Class M and Class B Certificates for each Distribution Date will be a per annum rate equal to the lesser of (i) 5.000% and 2.500%, respectively, and (ii) the related Subordinate Certificates Net WAC for such Distribution Date. To the extent the Class Coupon of the Class M or Class B Certificates is limited by the related Subordinate Certificates Net WAC, such Certificates will be entitled to Coupon Cap Shortfalls for such Class of Certificates (6) Class Notional Amount (7) The Class XS Certificates are entitled to the Excess Servicing Amount received on the Mortgage Loans 17 CONFIDENTIAL SLST 2023-1 Prepared by Investments and Capital Freddie Mac Markets#18Base Class Offered Class Maximum Initial Class Principal/Notional Amount Indicative Guaranteed Senior Certificates Indicative Guaranteed Senior Offerings (1) Principal Window (months)(2) Approximate Initial WAL Class Coupon % (years)(2) Class Type A-1-1 $40,000,000 3.250% 1.08 1-24 Sequential/Exchangeable A-1-2 $40,000,000 3.250% 2.82 24-43 A-1 A-1-3 $40,000,000 3.250% 4.48 43-65 A-1-4 $40,000,000 3.250% 6.48 65-93 Sequential/Exchangeable Sequential/Exchangeable Sequential/Exchangeable A-1-5 $62,158,000 3.250% 9.42 93-120 A-1 $222,158,000 3.250% 5.31 1-120 A-1 A-1B $222,158,000 3.000% 5.31 1-120 A-110 $13,884,875(3) 4.000% 5.31 N/A A-2 $74,052,000 3.250% 10.00 120-120 A-2 A-2B $74,052,000 3.000% 10.00 120-120 A-210 $4,628,250(3) 4.000% 10.00 N/A A $296,210,000 3.250% 6.48 1-120 Sequential/Exchangeable Sequential/MACR Sequential/Strip Down/MACR Interest Only/MACR Sequential/Exchangeable Sequential/Strip Down/MACR Interest Only/MACR Pass-Through/MACR A AB $296,210,000 3.000% 6.48 1-120 Pass-Through/Strip Down/MACR A-IO $18,513,125(3) 4.000% 6.48 N/A Interest Only/MACR Total $320,227,476 (1) As of August 31, 2023. The Mandatory Guarantor Repurchase Date for all Guaranteed Certificates is October 2033 (2) Pricing Assumptions VPR CDR Severity Optional Redemption/Clean-Up Call SLST 2023-1 Ramp from 3% to 6% over 36 months Ramp from 0% to 2% over 36 months 30% Not Exercised 18 (3) Class Notional Amount CONFIDENTIAL SLST 2023-1 Prepared by Investments and Capital Markets © Freddie Mac#19Key Transaction Features Freddie Mac CONFIDENTIAL SLST 2023-1 Prepared by Investments and Capital Markets © Freddie Mac#20Performance Triggers and Structural Features Terms/Structural Features Description Non-Current Mortgage Loan Percentage Trigger Minimum Credit Enhancement Features Mandatory Guarantor Repurchase Obligation Optional Redemption For any Distribution Date if the Non-Current Mortgage Loan Percentage exceeds 300% of the current Credit Enhancement, the trigger is breached The Subordinate Certificates will not receive distributions of principal while the Credit Enhancement (initially 7.50%) is below the target Credit Enhancement of 12.50%. Prior to paying interest to the Subordinate Certificates, principal is paid to the Class AF(1) Certificates to maintain Credit Enhancement at the greater of (i) 7.50% and (ii) the highest Credit Enhancement achieved on any prior or the current Distribution Date (capped at 12.50%) The obligation of the Guarantor to purchase the Class AF Certificates at the Mandatory Guarantor Repurchase Price if the Majority Representative does not exercise its Optional Redemption Right on or before the Distribution Date in October 2033. The amount paid by the Guarantor will be used to pay the remaining Class Principal Amounts and any accrued and unpaid interest of the Class AF, or Class A-1-1, Class A-1-2, Class A-1-3, Class A-1-4, Class A-1-5 and Class A-2 Certificates, as applicable The Majority Representative, upon at least sixty (60) days prior written notice to the Guarantor, may exercise its Optional Redemption Right and redeem, after all distributions for such Distribution Date, the Class AF Certificates, the Class MI Certificate and the Subordinate Certificates on the Distribution Date in October 2028, and on any Distribution Date thereafter, at a price equal to the sum (i) 100% of the Class Principal Amount of the Class AF Certificates plus any accrued and unpaid interest for the Class AF Certificates; of: (ii) the Class MI Fair Market Value Price; and (iii) 100% of the aggregate Class Principal Amount of the Subordinate Certificates plus any accrued and unpaid Current Interest due for such Distribution Date The Majority Representative will additionally be required to pay any unreimbursed Servicing Advances, Pre-Existing Servicing Advances and any unpaid fees or expenses without regard to the applicable Expense Cap. Clean-Up Call 10% Clean-Up Call may be exercised by the Majority Representative or jointly by the Servicers (1) Principal payments distributed to the Class AF Certificates will be allocated sequentially to the Class A-1-1, Class A-1-2, Class A-1-3, Class A-1-4, Class A-1-5 and Class A-2 Certificates, if no Guarantor Nonpayment Event exists, and pro rata (based on their respective outstanding Class Principal Amounts) if a Guarantor Nonpayment Event exists Note: See Term Sheet for definitions and further details CONFIDENTIAL SLST 2023-1 20 Prepared by Investments and Capital © Freddie Mac Markets#21• Majority Representative and Retention Requirements The Retained Certificateholder will at all times be the "Majority Representative" unless: о the Class Principal Amounts of the Retained Certificates are all reduced to zero; or о any of the Retained Certificates are sold in violation of the PSA 。 If any of the above occur, the Retained Certificateholder will no longer be the Majority Representative and there will be no successor Majority Representative appointed • Any Majority Representative will have the: 。 Optional Redemption Right; . 。 Right to exercise the Clean-up Call; and 。 Right to terminate the Collateral Administrator and the obligation to replace the Collateral Administrator Retention Requirements 。 The Retained Certificateholder will be required to retain 100% of the Class M, Class B and Class XS Certificates, and any related MACR Certificates exchanged therefor, for at least 2 years post-closing 。 After year 2 to year 5 post-closing, the Retained Certificateholder will have the right to sell all (but not less than all) of the Retained Certificates to a single subsequent purchaser 。 After year 5 post-closing, the Retained Certificateholder or any holders of the Class M Certificates, as applicable, will have the right to sell some or all of the Class M Certificates and the Retained Certificates if the Retained Certificates Sales Thresholds are met, provided that all (but not less than all) of the Retained Certificates are sold to a single subsequent purchaser Note: See Term Sheet for definitions and further details CONFIDENTIAL 21 SLST 2023-1 Prepared by Investments and Capital © Freddie Mac Markets#22Servicing and Program Support Freddie Mac Prepared by Investments and Capital CONFIDENTIAL SLST 2023-1 © Freddie Mac Markets#23Servicing 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': Strategy for implementing foreclosure alternatives and administration of defaulted loans • о Property valuations and sale of any REO properties Litigation settlement offers Review alleged Material Breaches, Collateral Deficiency Losses and Existing Lien Losses, and issue Notices of Breach or Indemnification to Freddie Mac • GUARANTOR OVERSIGHT AND SERVICING REMEDY MANAGEMENT PROCESS Servicers provide monthly data to Freddie Mac as Guarantor • Guarantor monitors remittance data and may request additional documentation to evaluate Servicers' compliance with the PSA • • If a servicing defect is identified, the Guarantor may determine if it is the result of a servicing violation, and whether or not it can be remedied: Where the defect can be remedied, the Servicer will be required to remedy the defect within the servicing correction period of 90 days Where the defect cannot be remedied (e.g., extinguishes the lien, etc.), the Servicer may be issued a servicing remedy letter including a servicing remedy amount The servicing remedy amount is determined by the Guarantor and is payable by the Servicer to compensate for damages, expenses and losses resulting from the servicing defect CONFIDENTIAL SLST 2023-1 23 Prepared by Investments and Capital Freddie Mac Markets#24Post-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 evaluate eligible borrower first for a Payment Deferral, and then a Modification, subject to the PSA If the sole change to a term of an Eligible Loan is the deferral of delinquent principal and interest amounts (i.e., a Payment Deferral), it is not considered a Modification. For the avoidance of doubt, if there is deferral of principal and interest amounts along with another change or variance, such as a deferral of taxes and insurance or an extension of the term, such change will be considered a Modification After the Closing Date, a Payment Deferral for a Mortgage Loan may not defer more than twelve (12) months of delinquent principal and interest payments, cumulatively A Modification must meet the following criteria: о о о No more than 1 Modification every 12 months, and no more than 2 total Modifications after the Closing Date(1) No principal forgiveness for any loan where resulting post-mod MTMLTV(2) (using interest bearing balance) is less than 105% No principal forbearance for any loan where resulting post-mod MTMLTV(2) (using interest bearing balance) is less than 80% No short payoffs (including forbearance amounts) unless eligibility criteria above is met and the Servicer determines such action to be in the best interest of certificateholders The Servicer may not solicit performing borrowers for loss mitigation (1) So long as there is a Majority Representative, the Collateral Administrator may consent to more than 1 modification every 12 months and more than 2 total after the Closing Date (2) MTMLTV is the mark to market loan-to-value ratio based on the interest bearing unpaid principal balance of the related Mortgage Loan and the current market value of the related mortgaged property, as described in the Valuation Requirements above CONFIDENTIAL SLST 2023-1 24 Prepared by Investments and Capital © Freddie Mac Markets#25Post-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 compensation, and the costs of services must be reasonable and at market levels Cap on Advances • Any advance amount exceeding a predetermined cap will require advance notice to the Guarantor and the Trustee and non-objection from the Guarantor in order to be reimbursable Valuation Requirements • Each Servicer must comply with the valuation waterfall below when determining the valuation to be used in evaluating for certain loss mitigation alternatives as described in the PSA (e.g. Modification, short sale, short payoff, deed-in-lieu of foreclosure) 。 Step 1: Obtain BPO and Home Value Explorer® ("HVE®") valuations 。 Step 2: If the BPO value is within +/- 15% of the HVEⓇ value, then the Servicer must use the BPO valuation 。 Step 3: If an HVEⓇ value is not available or the BPO value is outside +/- 15% of the HVEⓇ value, then the Servicer must obtain a second BPO value from a non-affiliated broker 。 Step 4: If the Servicer is required to order a second BPO valuation, the Servicer must use the higher of the two BPO valuations CONFIDENTIAL 25 SLST 2023-1 Prepared by Investments and Capital © Freddie Mac Markets#26• SLST Program Support о Financing for certain SLST Guaranteed Classes Freddie Mac offers repo financing for certain SLST guaranteed tranches (except IOs) to approved counterparties о Eligible for financing under the BNY Mellon MBS Tri-party Repo о о о о Acceptable collateral to pledge to all FHLBS Models & Data Vendors Bloomberg о Password: "SSAP <go>" then enter "SLST231" in box and press <go> о Natively supports pricing speed: 100 PPS ° Yield Book ° "SLST 2023-1 M <Mtge> YT NEW 100 PPS <go>" Model projections: BTM calls a version of the Bloomberg Transition Model fit to similar collateral "SLST 2023-1 M <Mtge> BCMV <go>" Link: https://www.yieldbook.com/m/home/index.shtml Deal Name: SLST23.1 Historical Cohort Data о ○ о A mapping file is available to track loan performance pre and post securitization for SCRT and SLST loans in the Single Family Loan Level Dataset (SFLLD) Access to the SFLLD: http://www.freddiemac.com/research/datasets/sf_loanlevel_dataset.page Reperforming Loan ID Match FAQ: http://www.freddiemac.com/fmac-resources/research/pdf/rpl_loan_id_match_faq.pdf Loan-Level Data (Post-Issuance) ° US Bank Trust Gateway: Provides monthly loan-level remittance data CONFIDENTIAL Link: http://www.freddiemac.com/research/datasets/sf_loanlevel_dataset.page ° CoreLogic: Redistributes loan-level remittance data Ӧ 1010data: Redistributes loan-level remittance data in the form of an aggregated dataset (stacked for each deal and month) ° Link: https://www.1010data.com/industries/financial-services/fixed-income/ о SCRT/SLST dataset path: pub.fin.risk_share.fhlmc_rpl.monthly SLST 2023-1 26 Prepared by Investments and Capital © Freddie Mac Markets#27SLST Investor Types(1) Guaranteed Certificates REIT, 1.3% FHLB, 1.9% Insurance Company, 8.4% Other(2), 0.1% Non-Guaranteed Certificates Money Manager, 4.7% Bank/Credit Union, 49.5% REIT, 38.3% Money Manager, 38.9% Private Equity, 57.1% (1) As determined by market value and reflected as of issuance for all SLST transactions from SLST 2018-1 to SLST 2022-2 (2) "Other" is comprised of Dealers and Hedge Funds CONFIDENTIAL SLST 2023-1 27 27 Prepared by Investments and Capital Freddie Mac Markets#28Historical Deal Performance and Model Data Freddie Mac Prepared by Investments and Capital CONFIDENTIAL SLST 2023-1 © Freddie Mac Markets#29CONFIDENTIAL Rate % 2.50 2.00 1.50 1.00 0.50 0.00 Sep-23 Dec-23 Mar-24 Pricing Assumptions Jun-24 Rate % 7.00 SLST 2023-1 Projected Model Speeds VPR(1) 6.00 5.00 4.00 3.00 2.00 1.00 0.00 Sep-23 Dec-23 Mar-24 Sep-24 Dec-24 Mar-25 Yieldbook Model Jun-24 Jun-25 Note: SLST Pricing Speed, Bloomberg and Yield Book Model VPRs begin in month 1 of the transaction (1) Using Yieldbook Model as of September 26, 2023 SLST 2023-1 Sep-24 Dec-24 Yieldbook Model Mar-25 Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 Bloomberg Model CDR(1) Sep-26 Dec-26 Mar-27 SLST Pricing Speed Jun-27 Sep-27 Dec-27 Mar-28 Jun-28 Sep-28 Sep-25 Dec-25 Mar-26 Bloomberg Model Jun-26 Sep-26 Dec-26 Mar-27 VPR CDR Severity Ramp from 3% to 6% over 36 months Ramp from 0% to 2% over 36 months 30% SLST Pricing Speed Prepared by Investments and Capital Freddie Mac Markets Jun-27 Sep-27 29 Dec-27 Mar-28 Jun-28 Sep-28#30SLST Historical Cashflow % Scheduled Payments Made By Calendar Month (1)(2) 120% 110% 100% 90% 80% 70% 60% (1) (2) 4/30/19 6/30/19 8/31/19 10/31/19 12/31/19 2/29/20 4/30/20 6/30/20 SLST2019-1 8/31/20 10/31/20 12/31/20 ⚫SLST2019-2 2/28/21 SLST2020-3 SLST2021-1 SLST2019-3 SLST2021-2 ⚫SLST2020-2 ⚫SLST2022-1 -SLST2022-2 4/30/21 6/30/21 8/31/21 10/31/21 12/31/21 SLST2020-1 2/28/22 Weighted by ending total UPB as of September remittance date (8/31/2023 cut-off date) for SLST 2019-1 through SLST 2022-2. Data source: 1010data It is assumed that: (a) if a loan is modified or liquidated in the current cycle, no payment is made; and (b) actual number of payments made is calculated as the number of months due date moved forward compared to the prior cycle SLST 2023-1 4/30/22 6/30/22 8/31/22 10/31/22 12/31/22 2/28/23 8888888 4/30/23 6/30/23 8/31/23 Prepared by Investments and Capital Markets Freddie Mac 30 CONFIDENTIAL#31SLST Historical Delinquencies (1) % Current (By Months After Issuance) 85% 80% 75% 70% 65% 60% 55% 50% 45% 40% 35% 30% 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 3 SLST 2018-1 -SLST 2018-2 ⚫SLST 2019-1 ⚫SLST 2019-2 ⚫SLST 2019-3 SLST 2020-1 SLST 2020-2 SLST 2020-3- ⚫SLST 2021-1 ⚫SLST 2021-2 -SLST 2022-1 ⚫SLST 2022-2 18% 16% 14% 12% 10% 8% 6% 4% AA % Newly Modified (By Months After Issuance) 2% 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 SLST 2018-1 ⚫SLST 2018-2 SLST 2019-1 SLST 2020-2 SLST 2020-3 SLST 2021-1 SLST 2019-2 SLST 2019-3 SLST 2021-2 SLST 2022-1 SLST 2020-1 SLST 2022-2 (1) MBA method delinquency status as of September 2023 remittance date for SLST 2018-1 through SLST 2022-2. Data source: 1010data CONFIDENTIAL SLST 2023-1 44 57 59 61 63 31 Prepared by Investments and Capital Freddie Mac Markets#32SLST Historical Delinquencies (1) 60% 50% % 30 and 60 Days Delinquent (By Months After Issuance) 40% 30% 20% 10% 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 SLST 2018-1 ⚫SLST 2018-2 SLST 2019-1- -SLST 2019-2 SLST 2019-3 SLST 2020-1 SLST 2020-2 SLST 2020-3 SLST 2021-1 SLST 2021-2 SLST 2022-1 SLST 2022-2 % 90+ Days Delinquent (By Months After Issuance) 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 SLST 2018-1 SLST 2018-2 SLST 2020-2 SLST 2020-3 SLST 2019-1 SLST 2019-2 SLST 2021-1 SLST 2019-3 ⚫SLST 2020-1 SLST 2021-2 SLST 2022-1 ⚫SLST 2022-2 (1) MBA method delinquency status as of September 2023 remittance date for SLST 2018-1 through SLST 2022-2. Data source: 1010data CONFIDENTIAL SLST 2023-1 32 Prepared by Investments and Capital © Freddie Mac Markets#33SLST Historical Speeds (1) 10 250 25 20 15 1-Month VPR By Months After Issuance (1) 1 3 5 7911 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 SLST 2018-1 SLST 2018-2 SLST 2019-1 SLST 2019-2 SLST 2019-3 SLST 2020-1 SLST 2020-2 SLST 2020-3 SLST 2021-1 SLST 2021-2 SLST 2022-1 SLST 2022-2 Pricing Assumption 2.5 2.0 1.5 1-Month CDR By Months After Issuance (1) AM 57 59 61 63 1.0 0.5 Ax 0.0 1 3 5 7 911 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 53 55 SLST 2018-1 SLST 2018-2 SLST 2019-1 SLST 2019-2 SLST 2020-1 SLST 2020-2 SLST 2020-3 SLST 2021-1 SLST 2019-3 SLST 2021-2 SLST 2022-1 SLST 2022-2 Pricing Assumption (1) Total prepayments and defaults as of September 2023 remittance date for SLST 2018-1 through SLST 2022-2. Data source: Bloomberg. CONFIDENTIAL SLST 2023-1 33 Prepared by Investments and Capital © Freddie Mac Markets#34Historical Cohort Performance Freddie Mac Prepared by Investments and Capital CONFIDENTIAL SLST 2023-1 © Freddie Mac Markets#35Cohort Stratifications (1)(5) C1-5 D30-D60 D90-D150 Data as of Date Loan Count % of Loans Modified 6/30/2017 6/30/207 6/30/2017 7,963 7,398 2,127 92% 93% 76% % of Loans on a Forbearance Plan 0% 0% 1% Total UPB (including forborne UPB) in millions 1,378 1,288 370 Forborne UPB in millions 115 117 27 % UPB Forborne % Loans with a Forbearance Modification Avg. Loan Size Weighted Average Mortgage Rate at Origination(2) Weighted Average Current Mortgage Rate (2) 8.3% 9% 7.3% 46% 49% 39% 173,073 174,099 174,158 5.9% 6.0% 5.6% 4.0% 4.0% 4.1% Weighted Average Effective Mortgage Rate (3) 3.7% 3.6% 3.8% Weighted Average Remaining Maturity (months) 407 404 388 Weighted Average Loan Age from Origination (months) 117 121 107 Weighted Average Age Since Modification (months) 31 36 25 Weighted Average LTV at Origination 81 80 81 Weighted Average AVM (HVE) LTV 74 Weighted Average Updated LTV based on FHFA Index(4) 79 FP 75 79 Weighted Average Credit Score at Origination 686 682 684 % of Loans with I/O Term at Origination - - % of Loans with Mortgage Insurance Avg Number of Months Clean Pay 27% 26% 27% 3 0 0 % of Loans w/ 1-5 Months Clean Pay History 100% 0% 0% % of Loans w/ 6-11 Months Clean Pay History 0% 0% 0% % of Loans at Least 12 Months Clean Pay History 0% 0% 0% % of Loans at D30 0% 73% 0% % of Loans at D60 0% 27% 0% % of Loans at D90-D150 0% 0% 100% (1) Cohort is constructed from Freddie Mac's Standard Single-Family Loan-Level Dataset, with certain assumptions as of June 2017, using loans with characteristics similar to those in the SLST program (2) Note rates are weighted by Interest Bearing Unpaid Principal Balance (3) Note rate multiplied by ratio of the aggregate unpaid interest bearing balance over the aggregate UPB of the mortgage loans as of the prior month (4) Updated LTVS estimated based on the FHFA Home Price Index values available at that time (5) Freddie Mac's Standard Single-Family Loan-Level Dataset excludes adjustable-rate mortgage loans CONFIDENTIAL SLST 2023-1 35 Prepared by Investments and Capital © Freddie Mac Markets#36CONFIDENTIAL 0 150 100 50 201707 16 14 12 10 4 222286 +20 201707 Cohort Historical Performance by Delinquency Status Liquidation Rate (1) Payoff Rate 201710 201801 201804 201807 201810 201901 201904 201907 201910 202001 202004 202007 202010 202101 C1-5 D30-D60 202104 202107 202110 202201 202204 202207 202210 202301 ⚫D90-D150 Liquidation Severity (2) 201710 201801 201804 201807 201810 201901 201904 201907 201910 202001 C1-5 Liquidation count (RHS) D90-D150 D30-D60 202004 202007 202010 202101 202104 202107 202110 202201 202204 202207 202210 202301 D30-D60 liquidation count (RHS) C1-5 D90-D150 40 110 105 30 100 95 90 20 85 80 10 75 70 0 65 60 5 10 15 20 201707 201707 201710 201801 201804 201807 201810 201901 201904 201907 201710 201801 201804 201807 201810 201901 201910 202001 202004 202007 202010 202101 202104 202107 Cashflowing Rate (3) C1-5 D30-D60 201904 201907 201910 202001 202004 202007 202010 202101 202110 D90-D150 202104 202107 202110 202201 202201 202204 202204 202207 202207 202210 202210 202301 202301 (1) Cohort excludes repurchases. Data set includes loans similar in characteristics/delinquency status to those in the SLST program, based on the cohort on page 35 (2) Delinquent interest at liquidation is excluded from the severity in SFLLD in order to be consistent with SLST remittance and reporting. Severity is floored at 0 (3) It is assumed that: (a) if a loan is modified or liquidated in the current cycle, no payment is made; (b) actual number of payments made is calculated as number of months due date moved forward compared to prior cycle SLST 2023-1 C1-5 ⚫D30-D60 D90-D150 Prepared by Investments and Capital Freddie Mac Markets 36#37CONFIDENTIAL 100 200 201707 201710 201801 201804 201807 201810 0 3 2 1 201707 201710 201801 201804 4 5 Cohort Historical Performance by LTV Liquidation Rate(1) 201807 201810 201901 201904 201907 201910 AVM LTV<=60 202001 202004 202007 202010 202101 202104 202107 60< AVM LTV <=80 Liquidation Severity (2) 201901 201904 201907 201910 202001 202004 202007 202010 202101 202104 202107 202110 202201 AVM LTV>80 AVM LTV <=60 Liquidation count (RHS) 60<AVM LTV<=80 60<AVM LTV<=80 liquidation count (RHS) AVM LTV<=60 AVM LTV>=80 202204 202207 202210 202301 0 202110 202201 202204 AVM LTV>80 20 20 80 70 60 201707 201710 40 40 202207 202210 110 100 90 202301 0 20 25 15 10 201707 201710 201801 201804 201807 201810 AVM LTV<=60 201901 201904 201907 201910 (1) Cohort excludes repurchases. Data set includes loans similar in characteristics/delinquency status to those in the SLST program, based on the cohort on page 35 (2) Delinquent interest at liquidation is excluded from the severity in SFLLD in order to be consistent with SLST remittance and reporting. Severity is floored at 0 (3) It is assumed that: (a) if a loan is modified or liquidated in the current cycle, no payment is made; (b) actual number of payments made is calculated as number of months due date moved forward compared to prior cycle 37 SLST 2023-1 AVM LTV<=60 202001 202004 202007 202010 60< AVM LTV <=80 Payoff Rate 202101 202104 202107 202110 202201 202204 202207 202210 AVM LTV>80 Cashflowing Rate (3) الله MAMMAN MAW 201801 201804 201807 201810 201901 201904 201907 201910 202001 202004 202007 202010 202101 60<AVM LTV<=80 202104 202107 202110 Prepared by Investments and Capital Freddie Mac Markets 202201 202204 202207 202210 202301 AVM LTV>=80 202301#38Data Stratifications Freddie Mac CONFIDENTIAL SLST 2023-1 Prepared by Investments and Capital Markets © Freddie Mac#39SLST 2023-1 Stratifications (as of August 31, 2023) Product Type Fixed-Rate Step-Rate Adjustable-Rate Total: Unpaid Principal Balance ($) 0.01 to 100,000.00 100,000.01 to 200,000.00 200,000.01 to 300,000.00 300,000.01 to 400,000.00 400,000.01 to 500,000.00 Greater than or equal to 500,000.01 Total: Minimum: Maximum: Average: Current Credit Score Current Mortgage Rate (%) Number of Mortgage Loans 2,089 41 Aggregate Unpaid Principal Balance ($) 309,659,610 Aggregate Unpaid Principal Balance (%) Number of Mortgage Loans Aggregate Unpaid Aggregate Unpaid Principal Balance ($) Principal Balance (%) 96.70 6,973,286 2.18 Less than or equal to 2.500 2.501 to 3.000 9 1,608,635 0.50 246 49,574,330 15.48 25 3,594,581 1.12 3.001 to 3.500 229 36,628,503 11.44 2,155 320,227,476 100.00 3.501 to 4.000 370 62,581,430 19.54 4.001 to 4.500 318 54,436,641 17.00 4.501 to 5.000 283 46,094,751 14.39 5.001 to 5.500 180 25,215,998 7.87 5.501 to 6.000 175 16,961,181 5.30 Number of Aggregate Unpaid Aggregate Unpaid 6.001 to 6.500 137 12,076,198 3.77 Mortgage Loans 907 Principal Balance ($) 56,204,361 Principal Balance (%) 6.501 to 7.000 105 9,090,254 2.84 17.55 7.001 to 7.500 50 2,919,331 0.91 713 102,351,655 31.96 7.501 to 8.000 27 1,677,995 0.52 317 76,948,791 24.03 8.001 to 8.500 16 821,621 0.26 144 49,025,894 15.31 8.501 to 9.000 5 233,548 0.07 52 22,592,673 7.06 9.001 to 9.500 4 281,475 0.09 22 13,104,103 4.09 9.501 to 10.000 1 2,155 320,227,476 100.00 Total: 2,155 25,586 320,227,476 0.01 100.00 7,673.44 Minimum: 2.000 751,371.77 Maximum: 9.875 148,597.44 Weighted Average*: 4.315 *Weighted by Interest Bearing Unpaid Principal Balance only. BPO Current Loan-to-Value (%) Number of Mortgage Loans Not Available 135 401 to 450 1 451 to 500 127 Aggregate Unpaid Principal Balance ($) 13,202,644 194,402 21,711,290 Aggregate Unpaid Principal Balance (%) Number of Mortgage Loans Aggregate Unpaid Aggregate Unpaid Principal Balance ($) Principal Balance (%) 4.12 Less than or equal to 50.00 1,568 193,058,518 60.29 0.06 50.01 to 60.00 266 54,133,071 16.90 6.78 60.01 to 70.00 157 32,824,847 10.25 501 to 550 491 74,619,537 23.30 70.01 to 80.00 80 21,691,315 6.77 551 to 600 618 87,136,238 27.21 80.01 to 90.00 43 9,846,554 3.07 601 to 650 444 65,692,100 20.51 90.01 to 100.00 17 3,839,818 1.20 651 to 700 242 40,005,233 12.49 100.01 to 110.00 7 1,275,273 0.40 701 to 750 61 11,162,261 3.49 110.01 to 120.00 3 810,815 0.25 751 to 800 28 5,405,138 1.69 120.01 to 130.00 7 1,650,620 0.52 801 to 850 8 1,098,634 0.34 130.01 to 140.00 1 220,594 0.07 Total: 2,155 320,227,476 100.00 Greater than or equal to 150.01 6 876,052 0.27 Total: 2,155 Non-Zero Minimum: 415 320,227,476 100.00 Minimum: 1.33 Maximum: 814 Maximum: 208.36 Non-Zero Weighted Average: 590 Weighted Average: 46.90 CONFIDENTIAL SLST 2023-1 39 Prepared by Investments and Capital © Freddie Mac Markets#40SLST 2023-1 Stratifications (as of August 31, 2023) AVM Current Loan-to-Value (%) Less than or equal to 50.00 50.01 to 60.00 60.01 to 70.00 70.01 to 80.00 80.01 to 90.00 90.01 to 100.00 100.01 to 110.00 110.01 to 120.00 120.01 to 130.00 Total: Minimum: Maximum: Loan Age from Modification or PDP (1) (2) (months) Number of Mortgage Loans Aggregate Unpaid Aggregate Unpaid Principal Balance ($) Principal Balance (%) Number of Mortgage Loans Aggregate Unpaid Principal Balance ($) Principal Balance (%) Aggregate Unpaid 1,723 214,846,368 67.09 Not Modified 340 33,798,248 10.55 220 50,621,970 15.81 Less than or equal to 12 378 63,826,641 19.93 134 34,060,605 10.64 13 to 24 813 131,911,616 41.19 47 12,537,991 3.92 25 to 36 170 26,692,906 8.34 18 4,802,071 1.50 37 to 48 87 12,930,499 4.04 6 1,329,782 0.42 49 to 60 95 13,108,567 4.09 3 1,270,379 0.40 61 to 72 92 13,842,312 4.32 3 537,716 0.17 73 to 84 46 6,829,749 2.13 1 220,594 0.07 85 to 96 43 5,180,805 1.62 2,155 320,227,476 100.00 97 to 108 33 3,518,738 1.10 2.00 109 to 120 19 3,285,278 1.03 126.00 121 to 132 11 1,444,934 0.45 43.65 133 to 144 7 1,208,555 0.38 145 to 156 10 1,105,272 0.35 157 to 168 7 1,103,785 0.34 Number of Mortgage Loans 134 177 Aggregate Unpaid Principal Balance ($) 8,453,936 Aggregate Unpaid Principal Balance (%) 169 to 180 2 297,458 0.09 181 to 192 1 97,787 0.03 2.64 14,825,980 4.63 Greater than or equal to 193 Total: 1 44,327 0.01 2,155 320,227,476 100.00 88 11,546,942 3.61 88 13,943,372 4.35 87 16,358,134 5.11 288 45,500,930 14.21 Loan Purpose at Origination 1,293 209,598,182 65.45 2,155 320,227,476 100.00 Number of Mortgage Loans Aggregate Unpaid Aggregate Unpaid Principal Balance ($) Principal Balance (%) 17 Purchase 807 129,185,989 40.34 480 401 No Cash-out Refinance Cash-out Refinance 750 104,353,877 32.59 597 86,643,284 27.06 Refinance - Not Specified Total: 1 2,155 44,327 320,227,476 0.01 100.00 Weighted Average: Remaining Term to Maturity(2) (months) Less than or equal to 120 121 to 180 181 to 240 241 to 300 301 to 360 361 to 420 421 to 480 Total: Minimum: Maximum: Weighted Average: Occupancy Type at Origination Principal Residence Investment Property Second Home Total: Number of Aggregate Unpaid Aggregate Unpaid Mortgage Loans Principal Balance ($) Principal Balance (%) 2,028 86 303,763,613 10,790,902 41 5,672,962 2,155 320,227,476 94.86 3.37 1.77 100.00 (1) Calculation uses the most recent modification date or Freddie Mac PDP (2) Calculation based on next due date CONFIDENTIAL 40 SLST 2023-1 Prepared by Investments and Capital © Freddie Mac Markets#41SLST 2023-1 Stratifications (as of August 31, 2023) Property Type at Origination Clean Pay History (months)* Number of Mortgage Loans Aggregate Unpaid Aggregate Unpaid Principal Balance ($) Principal Balance (%) Number of Mortgage Loans Aggregate Unpaid Principal Balance ($) Aggregate Unpaid Principal Balance (%) Single Family Planned Unit Development 1,700 324 241,740,410 75.49 None 61,659,266 19.25 1 to 5 1,024 540 150,066,848 46.86 81,298,342 25.39 Condominium 103 15,079,380 4.71 6 to 11 580 86,820,612 27.11 Manufactured Housing 27 1,562,142 0.49 Co-operative 1 Total: 2,155 186,279 320,227,476 0.06 Greater than or equal to 12 Total: 11 2,155 2,041,674 320,227,476 0.64 100.00 100.00 * Calculated using the MBA method. Current Delinquency Status* Geographic Concentration of the Mortgaged Properties (State) Number of Aggregate Unpaid Aggregate Unpaid Mortgage Loans Principal Balance ($) Principal Balance (%) Number of Mortgage Loans Aggregate Unpaid Principal Balance ($) Aggregate Unpaid Principal Balance (%) Current 1,054 162,079,358 50.61 California Texas New York Florida Illinois Other Total: 172 41,424,346 12.94 213 27,435,135 30 to 59 Days Delinquent 60 to 89 Days Delinquent 463 71,453,660 22.31 267 39,585,948 12.36 8.57 90 to 119 Days Delinquent 116 16,635,315 5.19 114 25,289,617 7.90 120 to 149 Days Delinquent 64 7,278,699 2.27 136 21,474,062 6.71 150 to 179 Days Delinquent 31 3,924,404 1.23 100 17,262,847 5.39 Bankruptcy Current 77 8,081,270 2.52 1,420 187,341,469 58.50 2,155 320,227,476 100.00 Number of Remaining Steps of Step-Rate Mortgage Loans Bankruptcy 30 to 59 Days Delinquent Bankruptcy 60 to 89 Days Delinquent Bankruptcy 90 to 119 Days Delinquent Bankruptcy 120 to 149 Days Delinquent Total: 36 4,717,552 1.47 31 3,593,889 1.12 10 1,431,726 0.45 6 1,445,655 0.45 2,155 320,227,476 100.00 Number of Mortgage Loans Aggregate Unpaid Aggregate Unpaid * Calculated using the MBA method. 0 Total: 41 Principal Balance ($) Principal Balance (%) $6,973,286 100.00 41 $6,973,286 100.00 41 CONFIDENTIAL SLST 2023-1 Prepared by Investments and Capital © Freddie Mac Markets#42SLST 2023-1 Stratifications (as of August 31, 2023) Temporary Forbearance Plan No Total: Number of Mortgage Loans 2,155 Aggregate Unpaid Principal Balance ($) 320,227,476 Aggregate Unpaid Principal Balance (%) 100.00 2,155 320,227,476 100.00 Months to Next Rate Adjustment Date (Adjustable-Rate Mortgage Loans Only)(1) Number of Mortgage Loans Aggregate Unpaid Principal Balance ($) Index (Adjustable-Rate Mortgage Loans Only) 2 3 4 5 Aggregate Unpaid Principal Balance (%) 212220 423,054 11.77 42,895 311,625 1.19 8.67 180,942 5.03 384,057 10.68 2 537,936 14.97 1 164,328 4.57 3 178,825 4.97 1 292,261 8.13 2 159,468 4.44 6 724,165 20.15 1 195,024 5.43 25 3,594,581 100.00 8 (1) Calculation based on the related Adjustable-Rate Mortgage Loan's initial reset date, next payment due date and periodic adjustment frequency. Periodic Adjustment Frequency (months) (Adjustable-Rate Mortgage Loans Only) Number of Mortgage Loans Aggregate Unpaid Aggregate Unpaid 6 Principal Balance ($) Principal Balance (%) 7 1 Year CMT 13 1,403,062 39.03 8 Refinitive USD IBOR Consumer Cash Fallback 1-Year 11 1,979,558 55.07 10 Refinitive USD IBOR Consumer 11 Cash Fallback 6-Month Total: 1 25 211,961 3,594,581 5.90 12 100.00 36 Total: Range of Gross Margin % (Adjustable-Rate Mortgage Loans Only) Weighted Average: Number of Mortgage Loans 2.001 to 2.500 2.501 to 3.000 Total: Minimum: Maximum: Weighted Average: 2.250 2.750 2.445 ៥៥៩៨ ន Aggregate Unpaid Principal Balance ($) 2,191,520 1,403,062 3,594,581 Aggregate Unpaid Principal Balance (%) 60.97 39.03 100.00 6 12 Total: Number of Mortgage Loans Aggregate Unpaid Aggregate Unpaid Principal Balance ($) Principal Balance (%) 1 211,961 5.90 24 3,382,620 94.10 25 3,594,581 100.00 42 CONFIDENTIAL SLST 2023-1 Prepared by Investments and Capital © Freddie Mac Markets#43SLST 2023-1 Stratifications (as of August 31, 2023) Range of Lifetime Minimum Rate % (Adjustable-Rate Mortgage Loans Only) 0.000 2.001 to 2.250 Total: Lifetime Maximum Rate % (Adjustable-Rate Mortgage Loans Only) Number of Mortgage Loans 232 22 25 Aggregate Unpaid Principal Balance ($) 3,183,134 411,447 3,594,581 Aggregate Unpaid Principal Balance (%) Number of Mortgage Loans Aggregate Unpaid Principal Balance ($) Aggregate Unpaid Principal Balance (%) 88.55 7.501 to 8.000 2 359,352 10.00 11.45 8.001 to 8.500 2 493,687 13.73 100.00 9.001 to 9.500 4 356,968 9.93 9.501 to 10.000 3 352,951 9.82 10.001 to 10.500 5 415,383 11.56 10.501 to 11.000 7 1,308,839 36.41 11.001 to 11.500 1 95,439 2.66 13.001 to 13.500 1 Total: 25 211,961 3,594,581 5.90 100.00 Minimum: 7.875 Maximum: 13.250 Weighted Average: 10.072 (1) Calculation based on the related Adjustable-Rate Mortgage Loan's initial reset date, next payment due date and periodic adjustment frequency CONFIDENTIAL SLST 2023-1 43 Prepared by Investments and Capital © Freddie Mac Markets#44SLST Transaction Comparison Freddie Mac Prepared by Investments and Capital CONFIDENTIAL SLST 2023-1 © Freddie Mac Markets#45SLST Transaction Comparison Terms/ Structural Features Guaranteed Certificates Representation and Warranty Sunset Tax Structure SLST 2019-1 May 2019 $1,217 million SLST 2019-2 September 2019 SLST 2019-3 November 2019 SLST 2020-1 July $1,220 million $1,326 million 2020 $948 million SLST 2020-2 September 2020 $1,508 million SLST 2020-3 November 2020 $679 million SLST 2021-1 SLST 2021-2 SLST 2022-1 SLST 2022-2 SLST 2023-1 May 2021 $844 million July 2021 $803 million May 2022 $407 million October 2022 $230 million October 2023 $320 million A-1(1) Fixed (front sequential) A-2(1) Fixed (back sequential) AF(2) - Fixed/Floating Cashflow Triggers Initial Credit 22.63% 21.44% 19.37% Enhancement Maximum Equity Leakage Target Credit Enhancement 29.63% 28.44% 26.36% REMIC 23.00% 18 Months Single Delinquency Trigger 21.00% 8.00% REMIC/REO Trust 11.00% 10.50% 12.50% 7.50% Excess above the amount needed to maintain Guaranteed Certificates Target Credit Enhancement 30.00% 28.00% 13.00% 16.00% 15.50% 17.50% Optional Redemption At years 4, 5, 7 and annually thereafter (subject to Redemption Prices of 102%, 101%, and 100%, respectively, for the Class AF Certificates) At years 4, 5, 7 and annually thereafter (subject to Redemption Prices of 104%, 103%, and 100%, respectively, for the Class AF Certificates) Guarantor Repurchase of Guaranteed Certificates Excess Servicing Strip(4) Subordinate Certificate M-1, M-2, M-3, B and XS Retention Requirements Servicer SPS Mandatory at year 10 42.5 bps - Aggregate of Servicing Fee Rate, Guarantor Oversight Fee Rate and Collateral Administrator Fee Rate M-2, M-3, B and XS SLS SPS SPS SMS→ Selene SLS M, B and XS (3) 12.50% At year 5 and monthly thereafter at par SPS, CLS-SPS SLS, SMS SPS RPS, SPS-SPS SLS, SMS (1) Exchangeable Certificates or Modifiable and Combinable REMIC Certificates ("MACR Certificates"), as applicable (2) Class AF Certificates are collateral for Class A-1 and Class A-2 Certificates. In SLST 2023-1, the Class A-1 Certificates are exchangeable with the Class A-1-1, Class A-1-2, Class A-1-3, Class A-1-4 and Class A-1-5 Certificates (3) At years 4, 5, 7 and annually thereafter (subject to Redemption Prices of 102%, 101%, and 100%, respectively, for the Class AF Certificates) (4) Collateral Administrator performs the same role across deals CONFIDENTIAL SLST 2023-1 45 Prepared by Investments and Capital © Freddie Mac Markets#46CONFIDENTIAL Pay History LTV/Credit Score Note Rate General Historical SLST Collateral (at Settle) Description SLST 2019-1 SLST 2019-2 SLST 2019-3 SLST 2020-1 SLST 2020-2 SLST 2020-3 SLST 2021-1 SLST 2021-2 SLST 2022-1 SLST 2022-2 As of Date 4/30/2019 8/31/2019 10/31/2019 % Modified 100% 100% 100% 6/30/2020 100% 8/31/2020 10/31/2020 89% 89% 4/30/2021 66% 6/30/2021 88% 4/30/2022 86% 9/30/2022 94% % Freddie Mac PDP Only 0% 0% 0% 0% 6% 5% 8% 6% 7% 3% Loan Count 7,604 7,073 8,121 6,026 10,185 4,486 6,814 5,139 2,731 1,326 Total UPB (including forborne UPB) in millions of USD Forborne UPB in millions of USD $1,217 $1,220 $1,326 $948 $1,508 $638 $809 $772 $386 $230 $82 $96 $80 $64 $105 $41 $35 $66 $27 $20 % UPB Forborne 6.7% 7.9% 6.0% 6.8% 7.0% 6.4% 4.3% 8.6% 7.1% 8.8% % of Loans with a Forbearance UPB 33.8% 42.5% 32.3% 34.7% 44.5% 45.3% 33.8% 55.0% 49.4% 49.8% Avg. Loan Size in thousands of USD $160 $173 $163 $157 $148 $142 $119 $150 $141 $174 Weighted Average Note Rate at Origination (1) 6.1% 6.2% 5.9% 5.8% 6.2% 5.9% 5.7% 6.1% 5.6% 6.0% Weighted Average Current Note Rate (1) 4.5% 4.5% 4.5% 4.6% 4.7% 4.7% 5.0% 4.6% 4.6% 4.2% Weighted Average Effective Note Rate (2) 4.2% 4.1% 4.3% 4.2% 4.4% 4.4% 4.8% 4.2% 4.3% 3.8% Weighted Average Terminal Note Rate (1)(3) Weighted Average Terminal Effective Note Rate (2)(3) Weighted Average Loan Age from Origination (months) (6) Weighted Average Loan Age from Modification (months) (4)(6) Weighted Average Remaining Term to Maturity (months) (6) Weighted Average Updated LTV (FHFA Indexed) (5) Weighted Average AVM Current LTV % of Loans with AVM Current LTV > 105% Weighted Average BPO Current LTV % of Loans with BPO Current LTV > 105% 4.6% 4.6% 4.6% 4.6% 4.7% 4.8% 5.1% 4.7% 4.7% 4.2% 4.3% 4.2% 4.3% 4.3% 4.4% 4.5% 4.8% 4.3% 4.3% 3.8% 150 153 147 151 160 159 160 168 161 173 55 64 51 54 50 42 34 38 30 27 405 393 408 405 367 370 326 371 376 410 63% 64% 61% 60% 60% 57% 51% 59% 48% 51% 67% 68% 66% 62% 65% 58% 49% 54% 46% 57% 5.5% 5.8% 4.9% 4.2% 4.9% 3.6% 1.0% 2.0% 1.0% 4.9% 75% 75% 72% 70% 71% 65% 55% 63% 52% 58% 11.8% 12.2% 10.7% 9.5% 10.2% 8.4% 3.6% 6.5% 2.3% 6.0% Non-Zero Weighted Average Credit Score at Origination Non-Zero Weighted Average Current Credit Score 672 671 676 674 667 673 677 671 679 673 582 600 590 588 607 612 605 619 588 619 % of Loans in Judicial Foreclosure State % of Loans with MI 44.9% 45.8% 49.6% 46.1% 45.2% 51.4% 46.0% 48.2% 46.9% 49.1% 15.6% 14.5% 16.8% 17.9% 15.7% 15.5% 15.8% 15.3% 18.5% 18.4% % of Loans with Step-Rate at Modification 21.8% 29.8% 15.2% 14.3% 15.1% 11.6% 5.4% 12.4% 5.1% 6.7% Weighted Average Number of Months Clean Pay History 3 4 4 3 3 3 3 3 1 2 % of Loans with 1-5 Months Clean Pay History % of Loans with 6-11 Months Clean Pay History % of Loans with 12+ Months Clean Pay History % of Loans that are Current % of Loans that are 30-59 Days Delinquent % of Loans that are 60-89 Days Delinquent % of Loans that are 90+ Days Delinquent Servicer 32% 28% 27% 28% 40% 42% 48% 43% 32% 33% 25% 30% 31% 31% 21% 16% 21% 18% 8% 16% 0% 2% 3% 2% 2% 3% 2% 2% 0% 1% 57% 59% 61% 60% 63% 61% 70% 63% 41% 50% 32% 29% 28% 20% 22% 25% 21% 24% 27% 18% 11% 12% 11% 10% 11% 10% 8% 11% 16% 13% 0% 0% 0% 10% 4% 4% 1% 2% 17% 18% SLS, SPS SPS SPS SLS SPS Shellpoint SLS SPS, CLS RPS, SPS Shellpoint (1) Weighted by Interest Bearing Unpaid Principal Balance only (2) Note rate multiplied by the ratio of the aggregate Interest Bearing Unpaid Principal Balance over the aggregate Unpaid Principal Balance (3) Weighted average of the fixed or maximum step-rate over the life of each Mortgage Loan. Excludes any adjustable-rate Mortgage Loans (4) Modification date is based on the later of the PDP and non-PDP for deals up to and including SLST 2018-2. Beginning with SLST 2019-1, modification date excludes any PDPs (5) The updated LTVs were estimated based on the FHFA Home Price Index values as of the Cut-Off Date (6) Calculated based on the next due date SLST 2023-1 Prepared by Investments and Capital © Freddie Mac Markets 46