Freddie Mac 2015 Annual Report Download - page 175

Management's Discussion and Analysis Off-Balance Sheet Arrangements
Freddie Mac 2015 Form 10-K 173
for loans and mortgage-related securities. Some of these commitments are accounted for as derivatives.
Their fair values are reported as either derivative assets, net or derivative liabilities, net on our
consolidated balance sheets. For more information, see “Risk Management - Credit Risk - Institutional
Credit Risk - Derivative Counterparties” and Note 9. We also enter into purchase commitments primarily
related to future guarantor swap transactions for single-family loans, and, to a lesser extent, commitments
to purchase or guarantee multifamily loans. These non-derivative commitments totaled $258.4 billion and
$271.2 billion in notional value at December 31, 2015 and 2014, respectively.
In connection with the execution of the Purchase Agreement, we, through FHFA, in its capacity as
Conservator, issued a warrant to Treasury to purchase 79.9% of our common stock outstanding on a fully
diluted basis on the date of exercise. See Note 10 for further information.