WASHINGTON (AP) — Mortgage giant Freddie Mac reported net income of $524 million for the first quarter, down sharply from the same period of 2014, as it sustained losses on the investments it uses to hedge against swings in interest rates.

The January-through-March results posted Tuesday marked the government-controlled company's 14th straight profitable quarter. Freddie said that although earnings show volatility, its business fundamentals are strong and continued to improve during the quarter.

Freddie, based in McLean, Virginia, also said it will pay a dividend of $746 million to the U.S. Treasury next month. Freddie will have paid $92.6 billion in dividends, exceeding its government bailout of $71 billion.

The government rescued Freddie and larger sibling Fannie Mae at the height of the financial crisis in September 2008.