#1Freddie Mac MULTIFAMILY Q-DealSM Program Overview Investor Presentation as of March 31, 2024#2Q-Deal Program Overview Underwriting Criteria Q-Deal Securitization and Structure Q-Deal Issuance and Performance Recent Transaction Highlights Appendix/Investor Resources Q-DealSM Program Overview The Q-Deal program, our primary third-party loan securitization platform, furthers our mission to support affordable multifamily housing by providing liquidity to small financial institutions, sponsors, and originators of affordable taxable collateral. Q-Deal securitizations offer flexible collateral and structural characteristics that make the program, and each transaction, unique Key Features All loan collateral is re-underwritten by Freddie Mac Credit and underwriting standards for Q series securitized loans are in Collateral Highlights Taxable multifamily mortgage loans including but not limited to small balance loans (SBL), loans secured by properties with 9% Low-Income Housing Tax Credits (LIHTC) or Land Use Restrictive Agreements (LURAS), and rehab loans for affordable properties • • • line with Freddie Mac Multifamily Conventional line of business Freddie Mac guarantees the timely payment of interest and ultimate payment of principal on guaranteed certificates, the same guarantee as our conventional products Generally targeting loan pool size of $150 million or greater in aggregate unpaid principal balance (UPB) Flexible, REMIC structure offered • • • May qualify for Social Impact Bonds Q-Deal Program Freddie Mac Multifamily Third-party originations by experienced lenders Various loan terms Call protection on collateral Fixed and floating rate • Non-recourse loans • Potential source for Community Reinvestment Act (CRA) credit 1#3Q-Deal Program Overview Underwriting Criteria Q-Deal Securitization and Structure Q-Deal Issuance and Performance Recent Transaction Highlights Appendix/Investor Resources Credit and Underwriting Loans are re-underwritten by Freddie Mac prior to securitization Q-Deal Mortgage General Guidelines Eligible Property Types • Multifamily loans secured by Conventional, Targeted Affordable Housing (TAH), SBL (minimum 5 units), Seniors Housing and Manufactured Housing Communities (MHC) properties Loan Terms • • • 7-, 10-, 15- and 30-year loan terms with 30-years of amortization 3- and 5-year terms eligible subject to Maturity Risk Analysis May contain full and partial-term interest-only loans LTV & DSCR • • Conventional/SBL/Seniors Housing/MHC - maximum loan-to-value (LTV) ratio of 80%, minimum amortized debt-service coverage ratio (DSCR) of 1.20x TAH - maximum LTV of 95%, minimum amortized DSCR of 1.05x Rehab Loans¹ Interest Rate Type • • Fixed Floating or hybrid - 30-day Average SOFR loans or, in limited situations, Term SOFR loans originated prior to December 31, 2024 Credit Support Minimum of 10% credit support via subordinate unguaranteed certificates or reimbursement agreement collateralized by cash, pledged securities or letter of credit Borrowers Single purpose entity or single asset entity is typically required for loans greater than or equal to $5 million A carve-out guarantor is generally required 1 Freddie Mac has the ability to include Rehab or Lease-up transactions in the Q-Deal execution. Please reach out to MF CM Investor [email protected] for more details. Q-Deal Program Freddie Mac Multifamily 2#4Q-Deal Program Overview Underwriting Criteria Q-Deal Securitization and Structure Q-Deal Issuance and Performance Recent Transaction Highlights Typical Q-Deal Issuance Timeline Preliminary / Term Sheet 2-4 weeks Underwriting, Legal and CRC Due Diligence 5 - 8 weeks Credit Approval Date Marketing/Placement 1 - 2 weeks Appendix/Investor Resources Closing/Settlement 1 week Servicing & Reporting Ongoing ☐ Identify pool collateral Negotiate and execute term sheet ■ Obtain Guarantee Fee pricing ■ Populate initial data tape ■ Review loan files ■Complete required appraisals, inspections, and populate Underwriting, Insurance and Securitization data tapes ■ Finalize legal documents, exceptions to representation and warranties1 Engage and select Special Servicer and Trustee ■ Formal Freddie Mac credit approval for underwriting and legal Final pool signoff Counterparty (loan seller) approval and servicing parties' approval 1 The sponsor must provide loan-level representations and warranties to the securitization trust Q-Deal Program Freddie Mac Multifamily ■ Broker-Dealer announces transaction ■ Launch and price securities Prepare for closing ■ Settlement Mortgage files transferred to trustee and Master Servicer ■ Serve as Master Servicer and guarantor Surveillance 3#5Q-Deal Program Overview Underwriting Criteria Q-Deal Securitization and Structure Q-Deal Issuance and Performance Recent Transaction Highlights Appendix/Investor Resources Q-Deal Transaction Structure¹ Freddie Mac securitizes loans via the Q-Deal program through the following steps • • • • A lender sells their loans, after approval by Freddie Mac, to a third-party depositor who places them into a third-party trust Private label securities backed by the loans are issued by the third-party trust Freddie Mac purchases and guarantees certain bonds ("Guaranteed Bonds❞2) issued by the third-party trust and securitizes these bonds via a Freddie Mac trust The resulting Freddie Mac guaranteed structured pass-through certificates (Q Certificates SM) are publicly offered via placement agents Any subordinate bond(s) issued by the third- party trust are either sold to the sponsor(s) (or an affiliate of sponsor) or privately offered to third-party investors Freddie Mac performs analysis on a pool of loans originated by one third party ("Sponsor") Sponsor delivers loans to an Investment Bank Investment Bank deposits pool of loans into a third- party trust Third-party trust creates senior, and if applicable subordinate classes RELEVANT PARTIES/ENTITIES Underlying Mortgage Loan Seller Third Party Sponsor Underlying Master Servicer Freddie Mac or Freddie Mac approved third party Freddie Mac acquires Guaranteed Bonds² and deposits them into a Freddie Mac trust Unguaranteed Subordinate Bond (If any) Freddie Mac sells Guaranteed Q Certificates backed by the Guaranteed Bonds to placement agents Senior Bond Investors Subordinate Bond Investor (if any) Underlying Sub Servicer Sponsor or Freddie Mac approved third party Underlying Special Servicer Freddie Mac approved third-party servicer for any non-performing loans 1 Sample structure represents a senior and subordinate transaction. Alternative structures may be issued. Please refer to Offering Circular for specifics related to each deal. 2 Guaranteed Bonds include senior amortizing as well as interest only bonds Q-Deal Program Freddie Mac Multifamily 4#6Q-Deal Program Overview Underwriting Criteria Q-Deal Securitization and Structure Q-Deal Issuance and Performance Recent Transaction Highlights Appendix/Investor Resources Sample Q-Deal Structures The sponsor transfer loans from their balance sheet(s) in exchange for certificates through our flexible structures Last First Senior & Subordinate Bond (A/B)1 Loss Payment 100% Guaranteed with Reimbursement Agreement¹ Loss Position Cash Flow Class A 75-85%2 Class B 15-25%2 Class X Guaranteed Classes Non-Guaranteed Classes Interest-Only Classes • First Last Loss Payment The subordinate certificate(s) can be retained by the sponsor or sold to third parties Sponsor may elect to create unguaranteed mezzanine classes above first-loss tranche • The Class X is an interest-only class and offered if there is excess interest available Q-Deal Program Freddie Mac Multifamily • Class A 100% Reimbursement Agreement Freddie Mac and Sponsor Single class of guaranteed certificates. Sponsor retains a first-loss position with a reimbursement obligation • A reimbursement agreement between sponsor and Freddie Mac for any losses up to a certain percentage of the pool's UPB • Acceptable pledged collateral for the reimbursement agreement are securities (rated and marked-to-market), letter of credit (except in certain structures) or cash 1 These structures represent typical fixed deal structures; alternative structures may be issued. Please refer to Offering Circular for specifics related to each deal 2 For illustrative purposes only, class size do not reflect actual bond offering 5#7Q-Deal Program Overview Underwriting Criteria Q-Deal Securitization and Structure Q-Deal Issuance and Performance Recent Transaction Highlights Appendix/Investor Resources Q-Deal Program Issuance and Performance The strong performance of our securities is a result of our disciplined credit approach, high-quality borrowers and industry-leading Servicing Standard Issuance Volume ($ Millions) 6 $1,800 Total Q-Deal Issuance since 2014 $8.2 billion / 24 deals Original Loan Count 2,412 loans $1,500 $1,200 2023 Issuance Volume $637 million / 3 deals Social Bonds Designation $1.1 billion / 5 deals $900 5 4 3 $600 2 Performance remains strong. As of March 31, 2024: $300 1 98.89% of the Q-Deal loans are current $0 0 2016 2017 2018 2019 • 12 loans are assigned to special servicing (representing ~16 bps of outstanding principal balance) Volume 2020 2021 Deal Count 2022 2023 Issuance Volume by Loan Products • There have been $0.18 million in total realized losses ($ Millions)² 23.78% of the outstanding loan population (by outstanding principal balance) is on the servicers' watchlist¹ Preservation 802 Rehab 1,654 SBL 4,717 LIHTC 1,059 1 The respective Master Servicers maintain a watchlist for each securitization. Loans are added to and removed from the watchlist in accordance with criteria established by CREFC 2 Data reflects all deals issued since program inception in 2014 Q-Deal Program Freddie Mac Multifamily CO 6#8Q-Deal Program Overview Underwriting Criteria Q-Deal Securitization and Structure Q-Deal Issuance and Performance Recent Transaction Highlights Historical Investor Participation Q-Deal Investor Type1 Money Manager 45% Bank 51% Insurance Company/Pension Plan 4% Since the Q-Deal program's inception in 2014, the investor base has continued to grow: • 133 investors historically with 13 participating YTD 2024 Average of 11 different accounts per transaction historically, with five per transaction YTD 2024 Investor participation mainly comprises money managers and banks 1 Data reflects senior bond allocations for all deals issued since the inception of the program. Data as of 3/31/2024 2 Data reflects the total number of unique senior bond investor participation. Data as of 3/31/2024 Q-Deal Program Freddie Mac Multifamily # of Investors 140 120 100 80 60 40 20 20 Appendix/Investor Resources Investor Participation² 0 2016 2017 2018 2019 2020 2021 2022 2023 ■Money Manager Bank ■Insurance Company/Pension Plan 7#9Q-Deal Program Overview Underwriting Criteria Q-Deal Securitization and Structure Q-Deal Issuance and Performance Recent Transaction Highlights Q-024 | Transaction Highlights Overview of Deal Structure (Pricing Date: November 9, 2023) Class Initial Principal Amount Pricing Spread Assumed Weighted Average Life Offered Q-024 Certificates: A X Total Guaranteed $134,557,742 $134,557,742 $134,557,742 S+94 Non-Offered 12.91 12.91 Deal Characteristics¹ Collateral Type Multifamily LIHTC Loans Initial Underlying Pool Balance $134,557,742 Mortgage Loans Rating Agencies 34 Not Rated WA Initial Fixed Mortgage Interest Rate 2.504% WA DSCR 1.26x Structural Diagram Cedar Rapids Bank and Trust (Mortgage Loan Seller) CBRT Multifamily Mortgage Loan Trust 2023-Q024 (REMIC Trust) Freddie Mac SPC Trust Series Q-024 Class A, X Appendix/Investor Resources PNC Capital Markets (Lead Manager and Bookrunner) Breakdown of Investors (A and X Classes)² WA LTV 74.5% WA Original Maturity 195 Months Waterfall Structure Pro Rata Top 5 State Concentrations VA (28.9%), TX (15.0%), GA (9.6%), OH (7.3%), ND (6.0%) Bank 100% 1 As of the Cut-off Date Q-Deal Program Freddie Mac Multifamily 2 As of the Closing Date Investors 8#10Q-Deal Program Overview Underwriting Criteria Q-Deal Securitization and Structure Q-Deal Issuance and Performance Recent Transaction Highlights Appendix/Investor Resources Deal Name Q-001 Historical Q-Deal Transactions Sponsor Impact C.I.L. LLC # of Loans Pool Size ($M) Bond Duration Rate Type Deal Structure Collateral Type 124 $215 >15 year Fixed Q-002 Impact C.I.L. LLC 60 $107 >15 year Fixed Senior/Sub Senior/Sub Q-003 Opus Bank 321 $509 5 year Q-004 Luther Burbank Savings 372 $626 3 year Hybrid ARMS Hybrid ARMS 100% Gteed 100% Gteed Q-005 California Community Reinvestment Corporation 86 $151 >12 year Fixed Senior/Sub Q-006 Dime Community Bank 112 $280 10 year Fixed Q-007 First Foundation Bank 216 $622 5 & 7 year Hybrid ARMS Q-008 Q-009 Q-010 Q-011 First Republic Bank MF1 REIT LLC Banc of California First Foundation Bank 159 $252 3 year 22 $563 2 year 168 $573 5 year Floating Floating Hybrid ARMS 100% Gteed 100% Gteed 100% Gteed Senior/Sub 189 $549 5 year Hybrid ARMS 100% Gteed 100% Gteed LIHTC LIHTC Small Balance Loans Small Balance Loans LIHTC Small Balance Loans Small Balance Loans Small Balance Loans Rehab Loan Small Balance Loans Small Balance Loans Q-012 Citibank N.A. 114 $333 Various Fixed 100% Gteed Small Balance Loans Q-013 First Foundation Bank 172 $553 5 & 7 year Hybrid ARMS 100% Gteed Small Balance Loans Q-014 California Community Reinvestment Corporation 76 $190 >15 year Fixed 100% Gteed Q-015 Merchants Bank of Indiana 15 $262 2.5 year Q-016 First Foundation Bank 93 $419 5 & 7 year Floating Hybrid ARMS Q-017 Merchants Bank of Indiana 14 $214 7 year Floating Q-018 ACRE Credit Partners REIT LLC 11 $424 2.5 year Floating Q-019 Merchants Bank of Indiana 16 $284 7 year Floating Senior/Sub Senior/Sub Senior/Sub 100% Gteed 100% Gteed LIHTC LIHTC Small Balance Loans Preservation Rehab Loans Preservation Q-020 Harbor Group International 8 $153 3 year Floating Senior/Sub Rehab Loans Q-021 Arbor Realty SR Inc 11 $316 3 year Floating Senior/Sub Rehab Loans Q-022 NewPoint JV LLC 8 $199 3 year Floating Q-023 Merchants Bank of Indiana 11 $304 6 year Floating Senior/Sub Senior/Sub Q-024 Cedar Rapids Bank and Trust 34 $135 >12 year Floating 100% Gteed Rehab Loans Preservation LIHTC Q-Deal Program Freddie Mac Multifamily 6#11Q-Deal Program Overview Underwriting Criteria Q-Deal Securitization and Structure Q-Deal Issuance and Performance Recent Transaction Highlights Appendix/Investor Resources Loan Performance Resources Performance data for our Q-Deals is updated monthly at https://mf.freddiemac.com/investors/data.html Q-DealSM Performance Performance through March 2024 DEALS LOANS PAID OFF LOANS COMBINED ISSUANCE $8.23 B 24 2,412 1,437 original loan count Loan-level performance can be accessed in our Multifamily Securities Investor Access tool Multifamily Securities Investor Access LOG IN Multifamily Securities Investor Access (MSIA) is an online tool that provides investors and analysts with information related to Freddie Mac Multifamily K-Deals, ML-Deals, Q-Deals, SB-Deals, and PC mortgage-backed securities and their underlying collateral. It also provides information about SCR Notes. The available data includes the standard Investor Reporting Package provided monthly by the master servicer and trustee for a given security issuance. For a single deal or a portfolio, this tool provides a combination of standard and custom reporting capabilities. MSIA Reference Manual PDF MSIA Quick Start Tips PDF DELINQUENCY STATUS AGGREGATE LOSSES LOANS IN SPECIAL SERVICING UNPAID BALANCE ON WATCHLIST* 1.1% $177,025 12 23.8% *The respective Master Servicers maintain a watchlist for each securitization. Loans are added to and removed from the watchlist in accordance with criteria established by CREFC. Q-Deal Program Freddie Mac Multifamily Historical information about our Whole Loan Portfolio is available in the Multifamily Loan Performance Database Multifamily Loan Performance Database This database provides historical information on a subset of the Freddie Mac Multifamily whole loan portfolio since 1994. It also includes information on original loan terms; identifiers for prepaid loans, defaulted loans and delinquencies; property information; and dates of real estate owned (REO) sales. If you want to use the data for commercial redistribution, please follow the instructions in the Licensing Agreement for Using the Multifamily Loan Performance Database below. Overview and Data Dictionary PDF Loan Performance Dataset [ZIP Dataset Loss Summary [PDF] Licensing Agreement for Using the Multifamily Loan Performance Database [PDF] 10#12Q-Deal Program Overview Underwriting Criteria Q-Deal Securitization and Structure Q-Deal Issuance and Performance Recent Transaction Highlights Appendix/Investor Resources Stay up to Date with Our Investor Resources Multifamily Issuance Calendar - https://mf.freddiemac.com/docs/mf_issuance_calendar.pdf Q-Deal Program Handout - https://mf.freddiemac.com/docs/q_deal_handout.pdf Q-Deal Performance Data - https://mf.freddiemac.com/docs/q_deal_performance.pdf Third-Party Loan Securitization Term Sheet - https://mf.freddiemac.com/docs/product/third_party_loan_securitization.pdf Security Lookup Tool - https://mf.freddiemac.com/investors/sd-remic-lookup Multifamily Securities Pricing - https://mf.freddiemac.com/investors/multifamily-securities-pricing Freddie Mac MULTIFAMILY Freddie Mac MULTIFAMILY Q-Deal Program Handout Freddie Mac offers best-in-class multifamily securities and innovative credit risk transfer (CRT) products, featuring transparency, consistency and strong performance as a result of our disciplined credit approach, high- quality borrowers and industry-leading Servicing Standard The addtion of the third-party loan securitization (Q-Dea) line of business to Freddie Mac's lending platform was formally announced in 2014. The inaugural Q Certificate was issued in November of 2014 Total Issuance as of December 31, 2023 $8.2 billion/24 deals Minimum on pool size of at least $150 million in aggregate UPS REMIC Freddie Mac Guarantee Select Social Impact Bonds Offerings Flexible structure Master Serviced by Freddie Mac Program Highlights Affordable mulamily properties Third party originations by experienced lenders Quality sponsorship All loan collateral re-understan by Freddie Mac General DSCRLTV Program Strengths Strong Credit Diversification Transparency Fredde Mac Guarantee Multifamily Certificates Q2 2024 Announcement Calendar June Calendar Key TW TH A e Optional Announcement Week 12 20 H US Holiday 27 11 12 0101112 20 Collateral Types Deal Projected Pruplacument Announcement Freddie Mac Taxable Loans (SBL or Name Week of Program Collateral Rate Туре Collateral Issuance Size Loan Term (millions) 15 millions) 12000% (58L & Rehab 9% LIHTC) 1.05% (LIHTC) Rehab Loans K-522 June 3, 2024 Conventional Fixed 5-year 752 Flexble loan lem ML-22 May 20, 2024 Fixed Various 253 N/A MBCR- May 13, 2024 Credit Risk Transfer Various Various TBD O-Deal unique investor participation has continued to grow K-5212 May 6, 2024 Conventional Fixed 5-year 683 since the program inception. Investor participation mainly comprises money managers and banks K-163 April 29, 2024 Conventional 10-year 1.163 675 K-520 April 22.2024 Conventional 5-year 672 Q-Deal Investor Participation Q-025 April 22 2024 Third-Party Floating 7-year 324 145 SB-113 April 15, 2024 Small Balance Various Various 235 K-519 April 8, 2024 Conventional Fand 5-year 692" K-755 April 1, 2024 Conventional Fixed 7-year 886 Freddie Mac Multifamily "Q" series is highly mon driven and provides liquidity to small financial institutions ($10 billion or less in assets), sponsors and originators of affordable taxable colateral Credit and underwriting standards for O- securized loans are in line with Freddie Mac Mutfamily Conventional line of business $1.500 1000 Q-Deal | Execution Volume & Deal Count HMD Call protection 2021 21122 2003 2018 2019 2020 2021 2022 2023 Money Manager Bance Companion Plan 133 investors historically, with 13 participating in 2023 Average of 11 afferent accounts per transaction historically, and 5 per transaction in 2023 Troddie Maria sole discretion over whether at the Ce to the which may be impacted by martel Finformation My.com ►Q-Deals: Third-Party Loan Securitizations Q-Deals: Third-Party Loan Securitizations Q-Deals are third-party loan securitizations designed to provide liquidity to small financial institutions (the "sponsor so they can recycle capital and support affordable housing with new lending Through our Q-Deal program we convert illiquid loans into marketable Freddie Mac guaranteed secures ("O Series Certificates) which can either be sold or retained by the sponsor Sponsor Small financial institutions, community banks with $10 billion or less in assets, and other well capitalized financial intitutions on a case by case b Optimal loan pool size of at least $200 million in aggregate unpaid principal balance (UPB individual sponsor loan contributions can be smaller in Multi Sponsor Q-Deal securitization Deal Collateral Taxable multifamily mortgage loans including but not limited to Conventional and anal balance by properties with % Lowong TO or and he strictive Agreement SURA Rehab loans for properties with enters that quality at 60% or 80% a Income Freddie Mac Guarantee Q Series Certificates are liquid securities which benefit from Fadde Mac guarantee. Freddie Mac guarantees the timely payment of interest and ultimate payment of principal on the guaranteed senior certificat Benefits Cube structure Conventing Bed-party loans into Q Series Corticates Freddie Macguarantees payment of interest Accfficient capital mahats funding We Help You Monete your portfo adly Optim Maintationships mt.freddiemac.com/product/ Freddie Mac MULTIFAMILY For additional information, please contact: [email protected] or visit our website at mf.freddiemac.com Q-Deal Program Freddie Mac Multifamily 11 111#13This product overview may contain forward-looking statements. Forward-looking statements involve known and unknown risks and uncertainties, some of which are beyond the company's control. Management's expectations for the company's future necessarily involve several assumptions, judgments and estimates, and various factors could cause actual results to differ materially from the expectations expressed in these and other forward-looking statements. These assumptions, judgments, estimates and factors are discussed in the company's most recent Annual Report on Form 10-K, and its reports on Form 10-Q and Form 8-K, which are available on the Investor Relations page of the company's website at mf.freddiemac.com/investors/ and the SEC's website at www.sec.gov. The company undertakes no obligation to update forward-looking statements it makes to reflect events or circumstances occurring after the date of this presentation. This product overview is not an offer to sell or a solicitation of an offer to buy any securities of Freddie Mac or any other issues. Offers for any given security are made only through applicable offering circulars and related supplements, which incorporate Freddie Mac's Annual Report on Form 10-K and certain other reports filed with the Securities and Exchange Commission. This document contains information related to, or referenced in the offering documentation for, certain Freddie Mac mortgage securities. This information is provided for your general information only, is current only as of its date and does not constitute an offer to sell or a solicitation of an offer to buy securities. The information does not constitute a sufficient basis for deciding with respect to the purchase and sale of any security and is directed only at, and is intended for distribution to and use by, qualified persons or entities in jurisdictions where such distribution and use is permitted and would not be contrary to law or regulation. All information regarding or relating to Freddie Mac securities is qualified in its entirety by the relevant offering circular and any related supplements. You should review the relevant offering circular and any related supplements before deciding with respect to the purchase or sale of any security. In addition, before purchasing any security, please consult your legal and financial advisors for information about and analysis of the security, its risks and its suitability as an investment in your circumstances. The examples set forth above are for illustrative purposes only. Opinions contained in this document are those of Freddie Mac currently and are subject to change without notice. Please visit mf.freddiemac.com for more information. The multifamily investors section of the company's website at mf.freddiemac.com/investors/ will also be updated, from time to time, with any information on material developments or other events that may be important to investors, and we encourage investors to access this website on a regular basis for such updated information. Freddie Mac MULTIFAMILY